IS THE ENDOWMENT EFFECT AN EXPECTATIONS EFFECT?

• 成果类型: Article
• 署名作者: Heffetz, Ori; List, John A.
• 署名单位: Cornell University; University of Chicago
• 刊物名称: JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION
• ISSN/ISSBN: 1542-4766
• DOI: 10.1111/jeea.12084
• 发表日期: 2014
• 页码: 1396-1422
• 关键词: exchange; aversion

摘要

A hallmark result within behavioral economics is that individuals' choices are affected by current endowments. A recent theory due to Kszegi and Rabin (, Quarterly Journal of Economics, 121, 1133-1165) explains such endowment effect with a model of expectations-based reference-dependent preferences. Departing from past work, we conduct complementary experiments to disentangle expectationsverified probabilistic beliefs held by subjectsfrom other features of endowmentsuch as assignment to a goodhence allowing us to compare the effect of expectations with that of other variations. While mere assignment can affect choices, we do not find a large role in the effect for Kszegi-Rabin expectations.