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Are Children Better Behaved Than Adults? Age, Experience and the Endowment Effect

Author

Listed:
  • Harbaugh, William
  • Krause, Catherine
  • Vesterlund, Lise

Abstract

We find that large increases in age do not reduce the endowment effect, supporting the hypothesis that people have reference-dependent preferences which are not changed by repeated experience getting and giving up goods.

Suggested Citation

  • Harbaugh, William & Krause, Catherine & Vesterlund, Lise, 2001. "Are Children Better Behaved Than Adults? Age, Experience and the Endowment Effect," Staff General Research Papers Archive 1950, Iowa State University, Department of Economics.
    • Handle: RePEc:isu:genres:1950
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    Citations

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    Cited by:

    1. Simon Gächter & Eric J. Johnson & Andreas Herrmann, 2022. "Individual-level loss aversion in riskless and risky choices," Theory and Decision, Springer, vol. 92(3), pages 599-624, April.
    2. Charles Sprenger, 2015. "An Endowment Effect for Risk: Experimental Tests of Stochastic Reference Points," Journal of Political Economy, University of Chicago Press, vol. 123(6), pages 1456-1499.
    3. Spantig, Lisa, 2021. "Cash in hand and savings decisions," Journal of Economic Behavior & Organization, Elsevier, vol. 188(C), pages 1206-1220.
    4. Holden, Stein T. & Bezu, Sosina, 2019. "Exchange asymmetries in productive assets: Tools, fertilizer or cash?," World Development, Elsevier, vol. 115(C), pages 269-278.
    5. Gächter, Simon & Johnson, Eric J. & Herrmann, Andreas, 2007. "Individual-Level Loss Aversion in Riskless and Risky Choices," IZA Discussion Papers 2961, Institute of Labor Economics (IZA).
    6. Durante, Kristina M. & Griskevicius, Vladas & Ulu, Sevincgul (Sev), 2020. "The effect of fertility on loss aversion," Journal of Business Research, Elsevier, vol. 120(C), pages 599-607.
    7. Nicholaus S Noles & Frank C Keil, 2019. "Exploring the first possessor bias in children," PLOS ONE, Public Library of Science, vol. 14(1), pages 1-13, January.
    8. List, John A. & Samek, Anya Savikhin, 2015. "The behavioralist as nutritionist: Leveraging behavioral economics to improve child food choice and consumption," Journal of Health Economics, Elsevier, vol. 39(C), pages 135-146.
    9. Yan Sun & Barbara Mellers, 2016. "Trade-upgrade framing effects: Trades are losses, but upgrades are improvements," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 11(6), pages 582-588, November.
    10. Sousa, Yannick Ferreira De & Munro, Alistair, 2012. "Truck, barter and exchange versus the endowment effect: Virtual field experiments in an online game environment," Journal of Economic Psychology, Elsevier, vol. 33(3), pages 482-493.
    11. Julia M. Puaschunder, 2023. "The Endowment Effect and Self-Determination as Drivers of Co-Creation Online," RAIS Conference Proceedings 2022-2023 0318, Research Association for Interdisciplinary Studies.
    12. Margaret Echelbarger & Kayla Good & Alex Shaw, 2020. "Will she give you two cookies for one chocolate? Children’s intuitions about trades," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 15(6), pages 959-971, November.
    13. repec:cup:judgdm:v:11:y:2016:i:6:p:582-588 is not listed on IDEAS
    14. Dominic Bergers, 2021. "Individual differences in the susceptibility of biases relevant in price management: a state-of-the-art article," Journal of Revenue and Pricing Management, Palgrave Macmillan, vol. 20(4), pages 497-528, August.
    15. Brown, Thomas C. & Morrison, Mark D. & Benfield, Jacob A. & Rainbolt, Gretchen Nurse & Bell, Paul A., 2015. "Exchange asymmetry in experimental settings," Journal of Economic Behavior & Organization, Elsevier, vol. 120(C), pages 104-116.
    16. Catherine Eckel & Philip Grossman & Cathleen Johnson & Angela Oliveira & Christian Rojas & Rick Wilson, 2012. "School environment and risk preferences: Experimental evidence," Journal of Risk and Uncertainty, Springer, vol. 45(3), pages 265-292, December.
    17. Uri Gneezy & Alex Imas, 2016. "Lab in the Field: Measuring Preferences in the Wild," CESifo Working Paper Series 5953, CESifo.
    18. Sinan Unur A. & Peters Elizabeth & Messer Kent D. & Schulze William D., 2013. "Incentive Effects of Parents’ Transfers to Children: An Artefactual Field Experiment," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 13(1), pages 73-106, April.
    19. Yan, Jinming & Yang, Yumeng & Xia, Fangzhou, 2021. "Subjective land ownership and the endowment effect in land markets: A case study of the farmland “three rights separation” reform in China," Land Use Policy, Elsevier, vol. 101(C).
    20. repec:cup:judgdm:v:15:y:2020:i:6:p:959-971 is not listed on IDEAS
    21. M. Keith Chen & Venkat Lakshminarayanan & Laurie Santos, 2005. "The Evolution of Our Preferences: Evidence from Capuchin-Monkey Trading Behavior," Cowles Foundation Discussion Papers 1524, Cowles Foundation for Research in Economics, Yale University.
    22. Theresa Thompson Chaudhry & Misha Saleem, 2011. "Norms of Cooperation, Trust, Altruism, and Fairness: Evidence from Lab Experiments on Pakistani Students," Lahore Journal of Economics, Department of Economics, The Lahore School of Economics, vol. 16(Special E), pages 347-375, September.
    23. Cash, Sean B. & McAlister, Anna R., 2017. "Young Food Consumers: How do Children Respond to Point-of-Purchase Interventions?," 2017 Allied Social Sciences Association (ASSA) Annual Meeting, January 6-8, 2017, Chicago, Illinois 252700, Agricultural and Applied Economics Association.
    24. Da Silva, Sergio & Moreira, Bruno & Da Costa Jr, Newton, 2014. "Preschoolers and the Endowment Effect," MPRA Paper 60568, University Library of Munich, Germany.
    25. Holden, Stein & Bezu, Sosina, 2014. "Tools, Fertilizer or Cash? Exchange Asymmetries in Productive Assets," CLTS Working Papers 13/14, Norwegian University of Life Sciences, Centre for Land Tenure Studies, revised 11 Oct 2019.

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