Do Large Gains Make Willing Sellers?
利用精确衡量资本利得的房地产数据，研究发现短期出售倾向在亏损时平稳，在盈利时上升，且盈利越大售价越低。类似模式在短期股票投资中也存在，支持实现效用理论。
Abstract Using unique real estate data that allow for accurately measured capital gains, we examine whether sell propensities depend on the magnitude of a seller’s capital gain. We find that short-term sell propensities are flat over losses and increasing in gains. Consistent with their higher sell propensities, selling prices are lower for properties with larger gains. Large-sized short-term stock investments also have sell propensities that are flat over losses and increasing in gains, although the sell propensities of typical-sized short-term stock investments are V-shaped. Our findings provide empirical support for theories of realization utility.