This study calls into question the default computation of the disposition effect that uses the average purchase price as a reference point. We show, through laboratory experiments, that the reference price of participants can change depending on the experimental behavioral design used. Our first experiment (n=100), which consisted of an investment simulation without any behavioral manipulation of the participants, showed that the five reference points used to compute the disposition effect were equivalent, supporting other experimental and non-experimental studies. On the other hand, in our second experiment (n=118), we showed that with the addition of experimental manipulation concerning the disclosure of the final balance of the participants, the reference prices showed statistically significant differences. The need to display their results caused these participants to use the first purchase price as a reference point when selling their assets. If the behavior of investors in real capital markets is like that of students who have had their behavior manipulated in a laboratory setting, further studies about the disposition effect should take this fact into account.
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