Money matters: an axiomatic theory of the endowment effect

Abstract We develop a framework that allows us to state precisely the relationship between leading concepts of the theoretical and empirical research on reference-dependent preferences, namely the status quo bias, the endowment effect and the willingness to accept (WTA)/willingness to pay (WTP) gap....
Ausführliche Beschreibung

Gespeichert in:

Autor*in:	Giraud, Raphaël [verfasserIn]

Format:	Artikel
Sprache:	Englisch

Erschienen:	2010

Schlagwörter:	Reference-dependent preferences WTA/WTP gap Endowment effect Status quo bias

Anmerkung:	© Springer-Verlag 2010

Übergeordnetes Werk:	Enthalten in: Economic theory - Springer-Verlag, 1991, 50(2010), 2 vom: 03. Juli, Seite 303-339
Übergeordnetes Werk:	volume:50 ; year:2010 ; number:2 ; day:03 ; month:07 ; pages:303-339

Links:	Volltext

DOI / URN:	10.1007/s00199-010-0552-z

Katalog-ID:	OLC2060500524

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allfields_unstemmed	10.1007/s00199-010-0552-z doi (DE-627)OLC2060500524 (DE-He213)s00199-010-0552-z-p DE-627 ger DE-627 rakwb eng 330 VZ 330 510 VZ 83.00 bkl Giraud, Raphaël verfasserin aut Money matters: an axiomatic theory of the endowment effect 2010 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier © Springer-Verlag 2010 Abstract We develop a framework that allows us to state precisely the relationship between leading concepts of the theoretical and empirical research on reference-dependent preferences, namely the status quo bias, the endowment effect and the willingness to accept (WTA)/willingness to pay (WTP) gap. We show that a monetary version of the status quo bias is a necessary condition for the WTA/WTP gap, and show how to factor out the part of the gap due to income effects from the part of the gap due to the endowment effect. As a byproduct, we show that reference-dependent phenomena are generated by reference-independent factors, i.e., an underlying reference-independent preference relation the properties of which are discussed at length. Reference-dependent preferences WTA/WTP gap Endowment effect Status quo bias Enthalten in Economic theory Springer-Verlag, 1991 50(2010), 2 vom: 03. Juli, Seite 303-339 (DE-627)13093870X (DE-600)1059110-2 (DE-576)025091611 0938-2259 nnns volume:50 year:2010 number:2 day:03 month:07 pages:303-339 https://doi.org/10.1007/s00199-010-0552-z lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW SSG-OPC-MAT GBV_ILN_11 GBV_ILN_26 GBV_ILN_40 GBV_ILN_70 GBV_ILN_267 GBV_ILN_2002 GBV_ILN_2007 GBV_ILN_2012 GBV_ILN_2018 GBV_ILN_2020 GBV_ILN_4012 GBV_ILN_4036 GBV_ILN_4125 GBV_ILN_4193 GBV_ILN_4277 GBV_ILN_4314 GBV_ILN_4318 GBV_ILN_4324 83.00 VZ AR 50 2010 2 03 07 303-339
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title_auth	Money matters: an axiomatic theory of the endowment effect
abstract	Abstract We develop a framework that allows us to state precisely the relationship between leading concepts of the theoretical and empirical research on reference-dependent preferences, namely the status quo bias, the endowment effect and the willingness to accept (WTA)/willingness to pay (WTP) gap. We show that a monetary version of the status quo bias is a necessary condition for the WTA/WTP gap, and show how to factor out the part of the gap due to income effects from the part of the gap due to the endowment effect. As a byproduct, we show that reference-dependent phenomena are generated by reference-independent factors, i.e., an underlying reference-independent preference relation the properties of which are discussed at length. © Springer-Verlag 2010
abstractGer	Abstract We develop a framework that allows us to state precisely the relationship between leading concepts of the theoretical and empirical research on reference-dependent preferences, namely the status quo bias, the endowment effect and the willingness to accept (WTA)/willingness to pay (WTP) gap. We show that a monetary version of the status quo bias is a necessary condition for the WTA/WTP gap, and show how to factor out the part of the gap due to income effects from the part of the gap due to the endowment effect. As a byproduct, we show that reference-dependent phenomena are generated by reference-independent factors, i.e., an underlying reference-independent preference relation the properties of which are discussed at length. © Springer-Verlag 2010
abstract_unstemmed	Abstract We develop a framework that allows us to state precisely the relationship between leading concepts of the theoretical and empirical research on reference-dependent preferences, namely the status quo bias, the endowment effect and the willingness to accept (WTA)/willingness to pay (WTP) gap. We show that a monetary version of the status quo bias is a necessary condition for the WTA/WTP gap, and show how to factor out the part of the gap due to income effects from the part of the gap due to the endowment effect. As a byproduct, we show that reference-dependent phenomena are generated by reference-independent factors, i.e., an underlying reference-independent preference relation the properties of which are discussed at length. © Springer-Verlag 2010
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title_short	Money matters: an axiomatic theory of the endowment effect
url	https://doi.org/10.1007/s00199-010-0552-z
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doi_str	10.1007/s00199-010-0552-z
up_date	2024-07-04T01:29:58.481Z
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