Experimental Tests of the Endowment Effect and the Coase Theorem
Citations
5,864 citations
5,682 citations
Cites result from "Experimental Tests of the Endowment..."
...A similar result that likely also merits an implicit selfesteem interpretation is the "instant endowment" effect described in several experiments by Kahneman, Knetsch, and Thaler (1990)....
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4,802 citations
Cites background from "Experimental Tests of the Endowment..."
...The accessibility of a thought is determined jointly by the characteristics of the cognitive mechanisms that produce it and by the characteristics of the stimuli and events that evoke it....
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...Intuitive judgments deal with concepts as well as with percepts and...
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4,462 citations
Cites background from "Experimental Tests of the Endowment..."
...Much evidence supports the contrasting claim that people’s views of decisions and outcomes are normally characterized by “narrow framing” (Kahneman and Daniel Lovallo, 1993), and by the related notions of “mental accounting” (Thaler, 1985, 1999) and “decision bracketing” (Daniel Read et al., 1999)....
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...Indeed, the incorrect assumption that initial endowments do not matter is the basis of Coase’s theorem and of its multiple applications (Kahneman et al., 1990)....
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...When half the participants in an experimental market were randomly chosen to be endowed with a good (a mug) and trade was allowed, the volume of trade was about half the amount that would be predicted by assuming that value was independent of initial endowment (Kahneman et al., 1990)....
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...The value of a good to an individualappears to be higher when the good is viewed as something that could be lost or given up than when the same good is evaluated as a potential gain (Kahneman et al., 1990, 1991; Tversky and Kahneman, 1991)....
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...The second was concerned with prospect theory, a model of choice under risk (Kahneman and Tversky, 1979; Tversky and Kahneman, 1992) and with loss aversion in riskless choice (Kahneman et al., 1990, 1991; Tversky and Kahneman, 1991)....
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4,114 citations
Cites background from "Experimental Tests of the Endowment..."
...The most widely accepted explanation of the endowment effect is loss aversion (Bar-Hillel & Neter, 1996; Kahneman et al., 1990; but see also Liberman, Idson, Camacho, & Higgins, 1999) that goes back to prospect theory (Kahneman & Tversky, 1979)....
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References
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