THE ENDOWMENT EFFECT AS BLESSING
研究了禀赋效应和赢家诅咒这两种看似无关的行为偏差如何通过相互补偿错误而共同演化，在混合复制者动力学下即使理性类型收益更高，偏差也能长期存活。
Abstract We study the idea that seemingly unrelated behavioral biases can coevolve if they jointly compensate for the errors that any one of them would give rise to in isolation. We suggest that the “endowment effect” and the “winner's curse” could have jointly survived natural selection together. We develop a new family of “hybrid‐replicator” dynamics. Under such dynamics, biases survive in the population for a long period of time even if they only partially compensate for each other and despite the fact that the rational type's payoff is strictly larger than the payoffs of all other types.