VOLATILITY OF PRICE INDICES FOR HETEROGENEOUS GOODS WITH APPLICATIONS TO THE FINE ART MARKET

By Fabian Bocart and Christian Hafner

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Understanding the behavior of art prices is important to precisely anticipate the financial benefits of owning art. So far, a very common approach in the scientific literature is to assume that all artworks follow a common, deterministic path. What happens if we reverse the perspective assuming that art prices behave randomly?

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