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The Trophy Effect

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Author Info

  • Christoph Bühren

    ()
    (University of Kassel)

  • Marco Pleßner

    ()

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    Abstract

    By extending a typical endowment effect experiment with the possibility to win the endow-ment in a real effort contest, we found two enforcing effects that led to a complete market failure. Subjects who won the item in the competition had an extremely high willingness to accept (trophy effect). By contrast, subjects who were not successful had an extremely low willingness to pay for the same item (reverse trophy effect). We disentangle the different components of the trophy effect, compare it to similar experiments, and discuss its important economic implications.

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    File URL: http://www.uni-marburg.de/fb02/makro/forschung/magkspapers/25-2011_buehren.pdf
    File Function: First version, 2011
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    Bibliographic Info

    Paper provided by Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung) in its series MAGKS Papers on Economics with number 201125.

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    Length: 17 pages
    Date of creation: 2011
    Date of revision:
    Publication status: Forthcoming in
    Handle: RePEc:mar:magkse:201125

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