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Research and Application of the Endowment Effect

In: Proceedings of the 2022 International Conference on Economics, Smart Finance and Contemporary Trade (ESFCT 2022)

Author

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  • Jiaxuan Zhou

    (The High School Affiliated to Renmin University of China)

Abstract

To analyze the endowment effect on society and education, the applications are studied by using the comparative research method and behavioral research method and have been summarized as the applications in various fields in the paper. Early studies of the endowment effect were conducted on willingness to pay and willingness to accept hypothetical questions in the absence of monetary incentives. It was often used in the framework of benefit and cost analysis of non-market goods such as environmental resources. In order to address hypothetical situations Knetsch and Sinden (1984) attempted to conduct an experimental study of willingness to pay and willingness to accept using real decision situations and cash incentives, which provided an opportunity to follow up on the behavioural and cost implications of the endowment effect. This provides a classic reference model for subsequent work on the behavioural and experimental economics of endowment effects. The results have shown that there is a cross-relationship in different topics and the endowment effect have a momentous impact to balance society’s welfare, achieve better education accomplishment and make consumers make more reasonable and sensible behaviors in trading.

Suggested Citation

  • Jiaxuan Zhou, 2022. "Research and Application of the Endowment Effect," Advances in Economics, Business and Management Research, in: Faruk Balli & Au Yong Hui Nee & Sikandar Ali Qalati (ed.), Proceedings of the 2022 International Conference on Economics, Smart Finance and Contemporary Trade (ESFCT 2022), pages 937-942, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-052-7_106
    DOI: 10.2991/978-94-6463-052-7_106
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