The Price of Inattention: Evidence from the Swedish Housing Market
研究购房中的左位数字偏差，发现要价略低于整百万的公寓在拍卖后最终价格高出3%-5%，且拍卖竞争更激烈。
Abstract Do behavioral biases affect prices in a high-stakes market? We study the role of left-digit bias in the purchase of an apartment. Left-digit bias is the failure to fully process digits after the first, perceiving prices just below a round number (such as $3.99) as cheaper than their round counterpart ($4). Apartments with asking prices just below round millions are sold at a 3%–5% higher final price after an auction. This effect appears not to be driven by differences in observables or in real estate agents’ behavior. Auctions for apartments listed just below round numbers are more competitive and attract more bidders and bids.