1) sellers who are subject to nominal losses set higher asking prices on their condominiums of at least to 35 percent of the difference between the expected selling price of a property and their original purchase price;

2) sellers facing a smaller loss have a much higher marginal mark-up of list price over expected selling price than sellers facing a larger loss;

3) while (1) and (2) hold for both owner-occupants and investors, the estimated effects are roughly twice as large for owner-occupants as investors;

4) sellers with a potential nominal loss also attain higher selling prices of about 33 percent of that difference, about the same mark-up as in the listing price; and 

5) in setting higher reservation prices, owners subject to a potential nominal loss have a much lower hazard rate of sale than other sellers.

These findings are consistent with the shape of the value function in prospect theory as first proposed by Kahneman and Tversky (1979). They also help explain previously observed (anomalous) regularities in aggregate prices and volume in this market.