The Effect of Giving It All Up on Valuation: A New Look at the Endowment Effect

• 成果类型: Article
• 署名作者: Schurr, Amos; Ritov, Ilana
• 署名单位: Ben-Gurion University of the Negev; Hebrew University of Jerusalem; Hebrew University of Jerusalem
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2013.1783
• 发表日期: 2014
• 页码: 628-637
• 关键词: Endowment effect; loss aversion; reference dependence; end state

摘要

In three experiments we show that the endowment effect-the tendency to demand more money for relinquishing owned goods than one is willing to pay for the same goods-fails to emerge when sellers are not fully depleted of their endowment. This finding is incompatible with prospect theory's account of the effect as stemming primarily from aversion to loss relative to the individual's current state. We suggest a new account of the endowment effect as reflecting the human aversion to giving it all up rather than simply an aversion to incurring any loss relative to the status quo. Experiments 1 and 2 show the effect employing a pricing paradigm. Experiment 3 examines what constitutes all in the giving-it-all-up effect.