Arbeitspapier
The endowment effect, status quo bias and loss aversion: Rational alternative explanation
The endowment effect, status quo bias, and loss aversion are robust and well documented results from experimental psychology. They introduce a wedge between the prices at which one is willing to sell or buy a good. The objective of this paper is to address this wedge. We show that the presence of asymmetric information in a rational-agent framework can account for the endowment effect, status quo bias and loss aversion as well as psychology-based explanations proposed in the past.
- Sprache
-
Englisch
- Erschienen in
-
Series: Reihe Ökonomie / Economics Series ; No. 92
- Klassifikation
-
Wirtschaft
Criteria for Decision-Making under Risk and Uncertainty
Asymmetric and Private Information; Mechanism Design
Insurance; Insurance Companies; Actuarial Studies
- Thema
-
endowment effect
status quo bias
loss aversion
asymmetric information
bid/ask spread
Willingness to pay
Risikoaversion
Rationale Erwartung
Asymmetrische Information
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Dupont, Dominique Y.
Lee, Gabriel S.
- Ereignis
-
Veröffentlichung
- (wer)
-
Institute for Advanced Studies (IHS)
- (wo)
-
Vienna
- (wann)
-
2001
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Dupont, Dominique Y.
- Lee, Gabriel S.
- Institute for Advanced Studies (IHS)
Entstanden
- 2001
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