We provide evidence that culture is a source of pricing bias. In a sample of 1.9 million auction transactions in 49 countries, paintings by female artists sell at an unconditional discount of 42.1%. The gender discount increases with measures of country-level gender inequality—even in artist fixed effects regressions. Our results are robust to accounting for potential gender differences in art characteristics and their liquidity. Evidence from two experiments supports the argument that women’s art may sell for less because it is made by women. However, the gender discount reduces over time as gender equality increases.

中文翻译：

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性别价格

我们提供的证据表明文化是定价偏差的来源。在 49 个国家的 190 万笔拍卖交易样本中，女性艺术家的画作以 42.1% 的无条件折扣成交。性别折扣随着国家层面性别不平等的衡量而增加——即使在艺术家固定效应回归中也是如此。我们的结果对于考虑艺术特征及其流动性的潜在性别差异是稳健的。来自两个实验的证据支持这样的论点，即女性的艺术品可能卖得更低，因为它是由女性创作的。然而，随着性别平等的增加，性别折扣会随着时间的推移而减少。