J
Jack L. Knetsch
Researcher at Simon Fraser University
Publications - 86
Citations - 21967
Jack L. Knetsch is an academic researcher from Simon Fraser University. The author has contributed to research in topics: Recreation & Endowment effect. The author has an hindex of 34, co-authored 86 publications receiving 21091 citations. Previous affiliations of Jack L. Knetsch include Washington University in St. Louis & University of California, Berkeley.
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Journal ArticleDOI
Anomalies: The Endowment Effect, Loss Aversion, and Status Quo Bias
TL;DR: A wine-loving economist we know purchased some nice Bordeaux wines years ago at low prices as discussed by the authors, but would neither be willing to sell the wine at the auction price nor buy an additional bottle at that price.
Book ChapterDOI
Experimental Tests of the Endowment Effect and the Coase Theorem
TL;DR: In this paper, the Coase theorem predicts that about half the mugs will trade, but observed volume is always significantly less than the predicted volume, suggesting that transactions costs cannot explain the undertrading for consumption goods.
Posted Content
Fairness as a Constraint on Profit Seeking: Entitlements in the Market
TL;DR: In customer or labor markets, it is acceptable for a firm to raise prices (or cut wages) when profits are threatened, and to maintain prices when costs diminish as mentioned in this paper, and several market anomalies are explained by assuming that these standards of fairness influence the behavior of firms.
Journal ArticleDOI
Fairness and the Assumptions of Economics
TL;DR: Kahneman and Thaler as mentioned in this paper showed that even profit-maximizing firms will have an incentive to act in a manner that is perceived as fair if the individuals with whom they deal are willing to resist unfair transactions and punish unfair firms at some cost to themselves.
Journal ArticleDOI
Valuing public goods: The purchase of moral satisfaction
Daniel Kahneman,Jack L. Knetsch +1 more
TL;DR: Contingent valuation surveys in which respondents state their willingness to pay (WTP) for public goods are coming into use in costbenefit analyses and in litigation over environmental losses.