Publication of dislocate is made possible by the generous support of the Lerner Foundation; we thank the Foun dation for their continued involvement. We are also grateful to the following organizations and individuals for their assistance: the Edelstein-Keller Endowment, We are informed and inspired by the ghosts of dislocate past and are especially grateful to previous editors Jennifer Fossenb...

An endowment effect can result in both multiple bidding and sniping in auctions. It can cause players to bid multiple times and overpay for items. Sniping is a rational response for experienced bidders looking to avoid the endowment effect. JEL: D44, D83

Jack L. Knetsch (1989) reported an important discovery. Using a simple experiment, he demonstrated the existence of asymmetries in exchange behavior. More precisely, when he followed a specific set of procedures to endow subjects with mugs and provided each subject an opportunity to exchange the endowed mug for a candy bar, he found that very few subjects gave up the endowed mug. By contrast, w...