Salience in Experimental Tests of the Endowment Effect
用显著性机制解释禀赋效应的实验证据，说明禀赋商品与其他商品在不同情境下评估导致标准效应，并解释反向效应和参考价格的作用。
We provide a novel account of experimental evidence for the endowment effect using the salience mechanism (Bordalo, Gennaioli, and Shleifer, 2011). The two-stage procedure implemented in experiments implies that the endowed good and other goods are evaluated in different contexts. We describe conditions under which the standard effect occurs, but also account for recent evidence such as a reverse endowment effect for bads and a role for reference prices in modulating the WTA-WTP gap.