Learning to Like What You Have - Explaining The Endowment Effect  

Oleh:

Huck, Steffen ; Kirchsteiger, Georg ; Oechssler, Jorg

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Economic Journal (EBSCO) vol. 115 no. 505 (Jul. 2005), page 689-702.
Topik: ENDOWMENTS; learning; endowment effect
Fulltext: 689.pdf (119.04KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: EE28.19 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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The endowment effect describes the fact that people demand much more to give up an object than they are willing to spend to acquire it. The existence of this effect has been documented in numerous experiments. We attempt to explain this effect by showing that evolution favors individuals whose preferences embody an endowment effect. The reason is that an endowment effect improves one's bargaining position in bilateral trades. We show that for a general class of evolutionary processes strictly positive endowment effects will survive in the long run.

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