The Effect of Giving It All Up on Valuation: A New Look at the Endowment Effect
通过三个实验发现，当卖家并非完全放弃其所有物时，禀赋效应不会出现，这挑战了前景理论的解释，并提出禀赋效应源于人类对“放弃一切”的厌恶。
In three experiments we show that the endowment effect—the tendency to demand more money for relinquishing owned goods than one is willing to pay for the same goods—fails to emerge when sellers are not fully depleted of their endowment. This finding is incompatible with prospect theory's account of the effect as stemming primarily from aversion to loss relative to the individual's current state. We suggest a new account of the endowment effect as reflecting the human aversion to “giving it all up” rather than simply an aversion to incurring any loss relative to the status quo. Experiments 1 and 2 show the effect employing a pricing paradigm. Experiment 3 examines what constitutes “all” in the giving-it-all-up effect. This paper was accepted by Uri Gneezy, behavioral economics.