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Salience in Experimental Tests of the Endowment Effect

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  • Pedro Bordalo
  • Nicola Gennaioli
  • Andrei Shleifer

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.

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File URL: http://www.aeaweb.org/articles.php?doi=10.1257/aer.102.3.47
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Bibliographic Info

Article provided by American Economic Association in its journal American Economic Review.

Volume (Year): 102 (2012)
Issue (Month): 3 (May)
Pages: 47-52

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Handle: RePEc:aea:aecrev:v:102:y:2012:i:3:p:47-52

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  1. Pedro Bordalo & Nicola Gennaioli & Andrei Shleifer, 2010. "Salience Theory of Choice Under Risk," NBER Working Papers 16387, National Bureau of Economic Research, Inc.
  2. John List, 2003. "Does market experience eliminate market anomalies?," Natural Field Experiments 00297, The Field Experiments Website.
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