Endowment Effect Theory , Subject Misconceptions and Enhancement Effect Theory : A Reply to Isoni , Loomes and Sugden
نویسندگان
چکیده
The purpose of Plott and Zeiler (PZ) (2005) was to investigate whether previously published experiments using consumption goods such as mugs and candy bars to measure gaps between willingness to pay (WTP) and willingness to accept (WTA) support endowment effect theory (EET). Our results demonstrate that the gap for commodities can be turned on and off by implementing procedures designed to control for subject misconceptions about the value elicitation procedures.
منابع مشابه
Division of the Humanities and Social Sciences California Institute of Technology Pasadena, California 91125 the Willingness to Pay/willingness to Accept Gap, the "endowment Effect," Subject Misconceptions and Experimental Procedures for Eliciting Valuations
We conduct experiments to explore the possibility that subject misconceptions, as opposed to a particular theory of preferences referred to as the “endowment effect,” account for reported gaps between willingness to pay (“WTP”) and willingness to accept (“WTA”). Two facts are evident in the literature. First, there is no consensus regarding the nature or robustness of the WTA-WTP gap. Secondly,...
متن کاملRegret Theory with General Choice Sets
The regret theory of choice under uncertainty proposed by Loomes and Sugden has performed well in explaining and predicting violations of Expected Utility theory. the original version of the model was confined to pairwise choices, which limited its usefulness as an economic theory of choice. Axioms for a more general form of regret theory have been proposed by Loomes and Sugden. In this paper, ...
متن کاملTransfer from action to perception: The effect of motor-perceptual enrichment
This study investigated the effect of audiovisual integration on action-perception transfer.40 subjects were randomly divided four groups: visual, visual-auditory, control visual and control visual-auditory. Visual groups watched pattern skilled basketball player and other groups in addition to watching pattern skilled basketball player, heard Elbow angular velocity as sonification. In first st...
متن کاملModelling Kindness∗
Kindness is an important concept in reciprocity theory, and may matter also for other forms of motivation. We critically compare definitions proposed by Rabin (1993) and by Dufwenberg & Kirchsteiger (2004). Several reasons to prefer the latter definition are highlighted, but also a flaw (discovered by Isoni & Sugden 2018) which we show can be eliminated using a slightly revised definition.
متن کاملEffect of an Intervention Based on the Theory of Planned Behavior on Self-Care Behavior of Patients With Hypertension: A Clinical Trial
Background: Hypertension is an important health problem and one of the most important causes of disability and mortality. Objective This study aims to evaluate the effect of an educational program based on the Theory of Planned Behavior (TPB) on self-care behaviors in hypertensive patients. Materials and Methods: This is a clinical trial conducted on 180 patients with hypertension referred t...
متن کامل