摘要：The disposition effect is one of the most common types of behavior documented in inancial markets, and reflects the notion that investors tend to hold losing positions too long and close winning positions too fast. This idea can also be applied to grain marketing. The disposition effect would be related to whether producers sell their grain more readily when prices are “high” and wait longer when prices are “low”. This question is relevant because this type of behavior can affect marketing performance. If grain is sold too early, producers can miss opportunities to sell at higher price later. If producers hold their grain too long, price can go down and they will end up selling at a lower prices. Examination of pricing strategies of 15,564 wheat producers between 2003/04 and 2008/09 shows evidence of disposition effect in their marketing decisions. They seem to be eager to sell when the price offered by marketing contracts is above their reference price, and wait longer to sell when the price offered by marketing contracts is below their reference price.
