Salience in Experimental Tests of the Endowment Effect-Reference-Cited by-同舟云学术

Salience in Experimental Tests of the Endowment Effect

Published:2012-05-01 Issue:3 Volume:102 Page:47-52
ISSN:0002-8282
Container-title:American Economic Review
language:en
Short-container-title:American Economic Review

Author:

Bordalo Pedro¹,Gennaioli Nicola²,Shleifer Andrei³

Affiliation:

1. Royal Holloway, University of London, Egham Hill, Egham, TW20 0EX, UK.

2. CREI, Universitat Pompeu Fabra, and Barcelona GSE, Ramon Trias Fargas, 25-27, 08005-Barcelona, Spain.

3. Harvard University, Economics Department, Littauer Center, 1805 Cambridge Street, Cambridge, MA 02138.

Abstract

We provide a novel account of experimental evidence for the endowment effect using the salience mechanism (Bordalo, Gennaioli, and Shleifer, 2011). The two-stage procedure implemented in experiments implies that the endowed good and other goods are evaluated in different contexts. We describe conditions under which the standard effect occurs, but also account for recent evidence such as a reverse endowment effect for bads and a role for reference prices in modulating the WTA-WTP gap.

Publisher

American Economic Association

Subject

Economics and Econometrics

Link

https://pubs.aeaweb.org/doi/pdf/10.1257/aer.102.3.47

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