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  1. Evaluating the sunk cost effect
    Autor*in: Ronayne, David; Sgroi, Daniel; Tuckwell, Anthony
    Erschienen: April 2021
    Verlag:  IZA - Institute of Labor Economics, Bonn, Germany

    We provide experimental evidence of behavior consistent with the sunk cost effect. Subjects who earned a lottery via a real-effort task were given an opportunity to switch to a dominant lottery; 23% chose to stick with their dominated lottery. The... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 4
    Fernleihe:
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    We provide experimental evidence of behavior consistent with the sunk cost effect. Subjects who earned a lottery via a real-effort task were given an opportunity to switch to a dominant lottery; 23% chose to stick with their dominated lottery. The endowment effect accounts for roughly only one third of the effect. Subjects' capacity for cognitive reflection is a significant determinant of sunk cost behavior. We also find stocks of knowledge or experience (crystallized intelligence) predict sunk cost behavior, rather than algorithmic thinking (fluid intelligence) or the personality trait of openness. We construct and validate a scale, the "SCE-8", which encompasses many resources individuals can spend, and offers researchers an efficient way to measure susceptibility to the sunk cost effect.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/236288
    Schriftenreihe: Discussion paper series / IZA ; no. 14257
    Schlagworte: sunk cost effect; sunk cost fallacy; endowment effect; cognitive ability; fluid intelligence; crystallized intelligence; reflective thinking; randomized controlled trial; online experiment; online survey; psychological scales; scale validation; Raven's progressive matrices; international cognitive ability resource; cognitive reflection test; openness
    Umfang: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  2. Endowment effects at different time scenarios
    the role of ownership and possession
    Autor*in: Colucci, Domenico; Franco, Chiara; Valori, Vincenzo
    Erschienen: [2021]
    Verlag:  [Università di Pisa, Dipartimento di Economia e Management], [Pisa]

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 664
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    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Discussion papers / Università di Pisa, Dipartimento di Economia e Management ; n. 279 (August 2021)
    Schlagworte: WTA/WTP gap; endowment effect; ownership experience; fungible goods; services; exchange goods
    Umfang: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  3. Willingness to accept, willingness to pay, and loss aversion
    Autor*in: Chapman, Jonathan; Dean, Mark; Ortoleva, Pietro; Snowberg, Erik; Camerer, Colin
    Erschienen: January 2023
    Verlag:  CESifo, Munich, Germany

    We use four incentivized representative surveys to study the endowment effect for lotteries in 4,000 U.S. adults. We replicate the standard finding of an endowment effect-the divergence between Willingness to Accept (WTA) and Willingness to Pay... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 63
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    We use four incentivized representative surveys to study the endowment effect for lotteries in 4,000 U.S. adults. We replicate the standard finding of an endowment effect-the divergence between Willingness to Accept (WTA) and Willingness to Pay (WTP), but document three new findings. First, we find little evidence that the endowment effect is related to loss aversion for risky prospects, counter to predictions of popular theories in economics. Second, WTA and WTP not only diverge, but are, at best, weakly correlated. Third, WTA and WTP strongly relate to other aspects of risk preferences. The structure of these behaviors points to different theories of the endowment effect.

     
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    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/271844
    Schriftenreihe: CESifo working papers ; 10200 (2023)
    Schlagworte: Zahlungsbereitschaftsanalyse; Risikoaversion; Glücksspiel; Besitztumseffekt; Willingness To Pay; Willingness to Accept; endowment effect; loss aversion
    Umfang: 1 Online-Ressource (circa 83 Seiten), Illustrationen
  4. Loss aversion and tax evasion
    theory and evidence
    Autor*in: Dhami, Sanjit S.; Hajimoladarvish, Narges; Mamidi, Pavan
    Erschienen: January 2023
    Verlag:  CESifo, Munich, Germany

    We consider income-source-dependent tax evasion and show that this is a generalization of the well-known endowment effect. We show that loss aversion, moral costs, mental accounting, and risk preferences play a key role in explaining key features of... mehr

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    DS 63
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    We consider income-source-dependent tax evasion and show that this is a generalization of the well-known endowment effect. We show that loss aversion, moral costs, mental accounting, and risk preferences play a key role in explaining key features of source-dependent tax evasion. We provide evidence of the first direct link between subject-specific loss aversion and tax evasion, which is central to most successful modern theoretical accounts of tax evasion. We provide some evidence that risk aversion strengthens the cautionary effect of loss aversion and risk loving behavior attenuates, or reverses, it. However, the underlying effect is also influenced by the source of income. Evasion is increasing in the tax rate and decreasing in the audit penalty, as predicted. Our paper provides novel theoretical insights; proposes new methods in the estimation of the underlying behavioral parameters; and confirms the central predictions of the theory, while pointing out challenges for further developments that existing theory is unable to account for.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/271868
    Schriftenreihe: CESifo working papers ; 10224 (2023)
    Schlagworte: tax evasion; endowment effect; loss aversion; morality; mental accounting; prospect theory; risk aversion
    Umfang: 1 Online-Ressource (circa 42 Seiten)
  5. Insider trading and portfolio structure in experimental asset markets with a long lived asset
    Autor*in: Krahnen, Jan Pieter; Rieck, Christian; Theissen, Erik
    Erschienen: 1997
    Verlag:  Universitätsbibliothek Johann Christian Senckenberg, Frankfurt am Main

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  6. Insider trading and portfolio structure in experimental asset markets with a long lived asset
    Autor*in: Krahnen, Jan Pieter; Rieck, Christian; Theissen, Erik
    Erschienen: 1997
    Verlag:  Johann-Wolfgang-Goethe-Univ., Fachbereich Wirtschaftswissenschaften, Frankfurt am Main

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  7. Auction fever
    theory and experimental evidence
    Autor*in: Ehrhart, Karl-Martin; Ott, Marion; Bosch-Abele, Susanne
    Erschienen: 2008
    Verlag:  Univ. Mannheim, Sonderforschungsbereich 504, Mannheim

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    W 1155 (08.27)
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Druck
    Schriftenreihe: Working paper series / Sonderforschungsbereich 504, Rationalitätskonzepte, Entscheidungsverhalten und Ökonomische Modellierung ; 08,27
    Schlagworte: Auktion; Zahlungsbereitschaftsanalyse; Sozialpsychologie; Experiment; Auktionstheorie; endowment effect
    Umfang: 37 Bl.
  8. Loss aversion
    Autor*in: Imai, Taisuke; Schmidt, Klaus M.
    Erschienen: November 2023
    Verlag:  The Institute of Social and Economic Research, Osaka University, Osaka, Japan

    Loss aversion postulates that people prefer avoiding losses over acquiring gains of equal size. It is a central part of prospect theory and, according to Daniel Kahneman, "the most significant contribution of psychology to behavioral economics"... mehr

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    Loss aversion postulates that people prefer avoiding losses over acquiring gains of equal size. It is a central part of prospect theory and, according to Daniel Kahneman, "the most significant contribution of psychology to behavioral economics" (Kahneman, 2011, p. 300). It has powerful implications for decision theory and has been fruitfully applied in many subfields of economics. However, because the reference point is often not well defined and loss aversion interacts with other behavioral biases, there is some controversy about the concept.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Auflage/Ausgabe: This version: November 21, 2023
    Schriftenreihe: Discussion paper / The Institute of Social and Economic Research ; no. 1218
    Schlagworte: Loss aversion; reference point; prospect theory; endowment effect; decision theory; risk
    Umfang: 1 Online-Ressource (circa 11 Seiten)
  9. Auction fever
    theory and experimental evidence
    Autor*in: Ehrhart, Karl-Martin
    Erschienen: 2008
    Verlag:  Univ. Mannheim, Sonderforschungsbereich 504, Mannheim

    Standort:
    Badische Landesbibliothek
    Signatur:
    109 K 4117
    Fernleihe:
    uneingeschränkte Fernleihe, Kopie und Ausleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    W 1155 (08.27)
    Fernleihe:
    uneingeschränkte Fernleihe, Kopie und Ausleihe

    Standort:
    Universitätsbibliothek Mannheim
    Signatur:
    QB 6838
    Fernleihe:
    uneingeschränkte Fernleihe, Kopie und Ausleihe
    Export in Literaturverwaltung   RIS-Format
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Druck
    Schriftenreihe: Working paper series / Sonderforschungsbereich 504, Rationalitätskonzepte, Entscheidungsverhalten und Ökonomische Modellierung ; 08,27
    Schlagworte: Auktion; Zahlungsbereitschaftsanalyse; Sozialpsychologie; Experiment; Auktionstheorie; endowment effect
    Umfang: 37 S., graph. Darst.
  10. Loss aversion
    Autor*in: Imai, Taisuke; Schmidt, Klaus M.
    Erschienen: [2023]
    Verlag:  Collaborative Research Center Transregio 190, [München]

    Loss aversion postulates that people prefer avoiding losses over acquiring gains of equal size. It is a central part of prospect theory and, according to Daniel Kahneman, “the most significant contribution of psychology to behavioral economics”... mehr

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 553
    Fernleihe:
    keine Fernleihe

     

    Loss aversion postulates that people prefer avoiding losses over acquiring gains of equal size. It is a central part of prospect theory and, according to Daniel Kahneman, “the most significant contribution of psychology to behavioral economics” (Kahneman, 2011, p. 300). It has powerful implications for decision theory and has been fruitfully applied in many subfields of economics. However, because the reference point is often not well defined and loss aversion interacts with other behavioral biases, there is some controversy about the concept.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/282152
    Auflage/Ausgabe: This version: November 21, 2023
    Schriftenreihe: Discussion paper / Rationality & Competition, CRC TRR 190 ; no. 461 (November 21, 2023)
    Schlagworte: Loss aversion; reference point; prospect theory; endowment effect; decision theory; risk
    Umfang: 1 Online-Ressource (circa 11 Seiten)
  11. Anchoring or loss aversion?
    empirical evidence from art auctions
    Erschienen: 2014
    Verlag:  Brandeis Univ., Dep. of Economics, Waltham, Mass.

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Working paper series / Brandeis University, Department of Economics ; 73
    Schlagworte: anchoring; loss aversion; endowment effect; art auctions
    Umfang: Online-Ressource (36 S.), graph. Darst.