Experimental Tests of the Endowment Effect and the Coase Theorem
实验发现，人们对自己拥有的物品（如咖啡杯）的估价远高于愿意购买的价格，这种“禀赋效应”即使在有学习机会的市场中依然存在，导致科斯定理预测的交易量无法实现。
Contrary to theoretical expectations, measures of willingness-to-accept greatly exceed measures of willingness-to-pay. This paper reports several experiments that demonstrate that this "endowment effect" persists even in market settings with opportunities to learn. Consumption objects (e.g., coffee mugs) are randomly given to half the subjects in an experiment. Markets for the mugs are then conducted. The Coase theorem predicts that about half the mugs will trade, but observed volume is always significantly less. When markets for "induced-value" tokens are conducted, the predicted volume is observed, suggesting that transactions costs cannot explain the undertrading for consumption goods. Copyright 1990 by University of Chicago Press.