Endowment for a rainy day? An empirical analysis of endowment spending by operating public charities

Revocation of Endowment

Endowment under Islamic law is a permanent type of contract which cannot be revoked and it is a consensus among Shiite jurisprudents. It is a kind of contract which has been based upon a religious thoughts as well as provides great heavenly reward and includes social and economic effects. These are special characters which lead Endowment to be a more concrete contract with special imperative ru...

A Culture-by-Context Analysis of Endowment Effects

The endowment effect describes people’s tendency to ask for more money when selling objects than they are willing to pay when buying these objects. Previous research found that Asian participants showed smaller endowment effects than Western participants. These results were explained by culture-specific self-beliefs being transferred onto the endowed object. Yet, Asian self-concepts are not onl...

Saving on a Rainy Day, Borrowing for a Rainy Day

The aim of this paper is to understand what a recession means for individual consumers, and to model in a life-cycle framework how individuals respond to recessions. Our focus is on the sharp increase in savings rates that have been observed in the current and recent recessions. We show empirically that these saving spikes were short-lived and common to all working age groups. We then study lif...

National Endowment for the Humanities

Endowment Effects in Chimpanzees

Human behavior is not always consistent with standard rational choice predictions. Apparent deviations from rational choice predictions provide a promising arena for the merger of economics and biology [1-6]. Although little is known about the extent to which other species exhibit these seemingly irrational patterns [7-9], similarities across species would suggest a common evolutionary root to ...