Human language is learned, symbolic and exhibits syntactic structure, a set of properties which make it unique among naturally-occurring communication systems. How did human language come to be as it is? Language is culturally transmitted and cultural processes may have played a role in shaping language. However, it has been suggested that the cultural transmission of language is constrained by...

Actual possession of an item has been shown to increase an owner’s valuation of it, a phenomenon termed the “endowment effect” (Thaler, 1980). We hypothesize that temporarily being the high bidder during an auction induces a “pseudo-endowment effect.” This effect may foster attachment to an item during the auction and thus promote overbidding. We examine this effect in two studies. In the first...

This paper builds on the assumption that countries behave in such a way as to improve, via their economic strength, the probability that they will attain the hegemonic position on the world stage. The quest for hegemony is modeled as a game, with countries being differentiated initially only by some endowment which yields a pollution free flow of income. A country’s level of pollution is assume...

While Rice may not have lost as much as of its investments as other universi t ies, its endowment still took a hit dur ing the most recent recession. For fiscal year 2009, Rice incurred an 18.2-percent loss on the e n d o w m e n t ' s investment returns, worth about $838 million. The university also spent $215 million of the endowment , $55 million of which was recouped in endowment gifts, acc...

Starting with Knetsch (1989), experiments on the “endowment effect” (Thaler 1980) typically rely on a two-stage procedure. In the first stage, subjects are endowed with a good, such as a mug. In the second stage, the same subjects are given the opportunity to trade this good for another good of similar value, such as a pen. The endowment effect holds that very few subjects chose to trade, somet...

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