Replication data for: Exchange Asymmetries Incorrectly Interpreted as Evidence of Endowment Effect Theory and Prospect Theory?
Principal Investigator(s): View help for Principal Investigator(s) Charles R. Plott; Kathryn Zeiler
Version: View help for Version V1
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text/plain | 14.6 KB | 12/07/2019 07:41:AM |
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application/pdf | 77.4 KB | 12/07/2019 07:41:AM |
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Project Citation:
Plott, Charles R., and Zeiler, Kathryn. Replication data for: Exchange Asymmetries Incorrectly Interpreted as Evidence of Endowment Effect Theory and Prospect Theory? Nashville, TN: American Economic Association [publisher], 2007. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-12-07. https://doi.org/10.3886/E116291V1
Project Description
Summary:
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Systematic asymmetries in exchange behavior have been widely interpreted as support for "endowment effect theory," an application of prospect theory positing that loss aversion and utility function kinks set by entitlements explain observed asymmetries. We experimentally test an alternative explanation, namely, that asymmetries are explained by classical preference theories finding influence through the experimental procedures typically used. Contrary to the predictions of endowment effect theory, we observe no asymmetries when we modify procedures to remove the influence of classical preference theories. When we return to traditional-type procedures, however, the asymmetries reappear. The results support explanations based in classical preference theories and reject endowment effect theory. (JEL D01)
Scope of Project
JEL Classification:
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D12 Consumer Economics: Empirical Analysis
D80 Information, Knowledge, and Uncertainty: General
D12 Consumer Economics: Empirical Analysis
D80 Information, Knowledge, and Uncertainty: General
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