[태그:] Endowment Effect

Contrary to theoretical expectations, measures of willingness to accept greatly exceed measures of willingness to pay. This paper reports several experiments that demonstrate that this "endowment effect" persists even in market settings with opportunities to learn. Consumption objects (e.g., coffee mugs) are randomly given to half the subjects in an experiment. Markets for the mugs are then conducted. The Coase theorem predicts that about half ...

 The early empirical evidence of a wide disparity between people's valuations of gains and losses appeared in results of contingent valuation studies in which respondents were asked both how much they would be willing to pay to prevent a loss of an environmental or other amenity, and what sum they would demand to accept its loss. The results of experiments testing people's valuations of gains ...