Salience and Experimental Tests of the Endowment Effect

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Salience and Experimental Tests of the Endowment Effect

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Title: Salience and Experimental Tests of the Endowment Effect
Author: Bordalo, Pedro; Gennaioli, Nicola; Shleifer, Andrei

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Citation: Bordalo, Pedro, Nicola Gennaioli, and Andrei Shleifer. 2012. Salience and experimental tests of the endowment effect. American Economic Review 102(3):47-52.
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Abstract: We provide a novel account of experimental evidence for the endowment effect using the salience mechanism (Bordalo, Gennaioli, and Shleifer, 2011). The two-stage procedure implemented in experiments implies that the endowed good and other goods are evaluated in different contexts. We describe conditions under which the standard effect occurs, but also account for recent evidence such as a reverse endowment effect for bads and a role for reference prices in modulating the WTA-WTP gap.
Published Version: doi: 10.1257/aer.102.3.47
Terms of Use: This article is made available under the terms and conditions applicable to Open Access Policy Articles, as set forth at http://nrs.harvard.edu/urn-3:HUL.InstRepos:dash.current.terms-of-use#OAP
Citable link to this page: http://nrs.harvard.edu/urn-3:HUL.InstRepos:10636304
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