A volume of recent experimental evidence suggests that individual preferences may not be independent of the consumer's vantage point. In particular agents may suffer from loss aversion (also known as the endowment effect and status quo bias). Allocations which appear desirable ex ante may therefore not be so ex post which poses considerable problems for the traditional propositions of welfare economics.
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Length: 23 pages Date of creation: 1998 Date of revision: Handle: RePEc:fth:eanerc:9804
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