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引文

EndowmentEffect

‘Thispattern—thefactthatpeopleoftendemandmuchmoretogiveupanobjectthantheywouldbewillingtopaytoacquireit—iscalledtheendowmenteffect（Thaler,1980）.’

Thaler（1992）[book]

‘Theendowmenteffectisahypothesisthatpeoplevalueagoodmoreoncetheirpropertyrighttoithasbeenestablished.Inotherwords,peopleplaceahighervalueonobjectstheyownrelativetoobjectstheydonot.Inoneexperiment,peopledemandedahigherpriceforacoffeemugthathadbeengiventothembutputalowerpriceononetheydidnotyetown.Theendowmenteffectwasdescribedasinconsistentwithstandardeconomictheorywhichassertsthataperson'swillingnesstopay（WTP）foragoodshouldbeequaltotheirwillingnesstoaccept（WTA）compensationtobedeprivedofthegood.Thishypothesisunderliesconsumertheoryandindifferencecurves.’

Wikipedia（2006）

‘Wealsohaveabiastowardkeepingthesecuritiesweinheritinsteadofinvestingtheminvehiclesthataremoreappropriatetoourneeds（theendowmenteffect）.’

Nofsinger（2001）page3

‘Endowmenteffect.Peopleoftendemandmuchmoretosellanobjectthantheywouldbewillingtopaytobuyit.’

Nofsinger（2001）page35

‘Thaler（1980）coinedtheterm“endowmenteffect”torefertothefindingthatrandomlyassignedownersofanobjectappeartovaluetheobjectmorethanrandomlyassignednon-ownersoftheobject.Forinstance,inonewell-knownseriesofendowmenteffectexperiments,Kahneman,KnetschandThaler（1990）foundthatrandomlyassignedownersofamugrequiredsignificantlymoremoneytopartwiththeirpossession（around$7）thanrandomlyassignedbuyerswerewillingtopaytoacquireit（around$3）.Kahnemanetal.（1990,1991）andTverskyandKahneman（1991）attributedthisresulttolossaversion:

owners’lossofthemugloomedlargerthanbuyers’gainofthemug.’

Gal（2006）

‘Theendowmenteffect（Thaler1980）,alsoknownas“statusquobias”（SamuelsonandZeckhauser1988）,isthephenomenoninwhichmostpeoplewoulddemandaconsiderablyhigherpriceforaproductthattheyownthantheywouldbepreparedtopayforit（Weber1993）.’

GoldbergandvonNitzsch（1999）,page99

Links

∙ChangingMinds.org:

EndowmentEffect

∙Wikipedia:

Endowmenteffect

∙E:

Tohaveandtohold

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