IS THE ENDOWMENT EFFECT AN EXPECTATIONS EFFECT?

doi:10.1111/jeea.12084

2014-05-20

Ori Heffetz *

John A. List

DOI：10.1111/jeea.12084

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摘要

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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.

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Journal of the European Economic Association

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university of chicago

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Cornell University

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