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The endowment effect and intertemporal choice: a laboratory investigation

Author

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  • William G. Morrison
  • Robert J. Oxoby

Abstract

We present a laboratory investigation of intertemporal choice (i.e., elicited discount rates) allowing for the influence of the endowment effect. Consistent with the previous literature, we hypothesize that the endowment effect in an intertemporal choice setting results in substantially higher discount rates relative to when individuals treat the resources in question as found money. Our results support this hypothesis and our experimental design provides a new protocol for conducting choice experiments wherein the endowment effect is an important determinant of behaviour.

Suggested Citation

  • William G. Morrison & Robert J. Oxoby, 2013. "The endowment effect and intertemporal choice: a laboratory investigation," Canadian Journal of Economics, Canadian Economics Association, vol. 46(2), pages 689-704, May.
    • Handle: RePEc:cje:issued:v:46:y:2013:i:2:p:689-704
    DOI: 10.1111/caje.12028
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    Cited by:

    1. William Morrison and Robert Oxoby, 2010. "Loss Aversion in the Laboratory," LCERPA Working Papers lm0072, Laurier Centre for Economic Research and Policy Analysis, revised 1970.
    2. William G. Morrison & Robert J. Oxoby, 2022. "Asset integration and risk‐taking in the laboratory," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 55(3), pages 1460-1479, August.
    3. Robert Oxoby & William G. Morrison, "undated". "Asset Integration, Risk Taking and Loss Aversion in the Laboratory," Working Papers 2019-04, Department of Economics, University of Calgary, revised 30 Jan 2019.
    4. William Morrison, Robert Oxoby, 2016. "Risk Taking, Intertemporal Choice, and Loss Aversion," LCERPA Working Papers 0096, Laurier Centre for Economic Research and Policy Analysis, revised 01 Jul 2016.
    5. Lamiraud, Karine & Oxoby, Robert & Donaldson, Cam, 2016. "Reference Dependence and Incremental WTP," ESSEC Working Papers WP1609, ESSEC Research Center, ESSEC Business School.

    More about this item

    JEL classification:

    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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