Der Endowment -Effekt (englisch für Besitztumseffekt) ist eine Hypothese aus der Verhaltensökonomik. Sie besagt, dass Menschen dazu tendieren, ein Gut wertvoller einzuschätzen, wenn sie es besitzen. Die Hypothese geht zurück auf den US-amerikanischen Ökonomen Richard Thaler, der dem Endowment -Effekt seinen . This is typically illustrated in two ways. In a valuation paradigm, people will tend to pay more to retain something they own than to obtain something they do not . Samuelson and Zeckhauser .
It is evident when people become relatively reluctant to part with a good they own for its cash equivalent, or if the amount that people are willing to pay for the good is lower than what they . The “ endowment effect explains our irrational tendency to overvalue something just because we own it. The Journal of Economic Perspectives, 5(1), pp. Permission to make digital or hard copies of part or all of American Economic. Association publications for personal or . One of the most well-known examples is the endowment effect , which describes our tendency to value things more highly when we already own them.
Looking at the Endowment Effect. The endowment effect was first identified by .
Imagine you meet a little girl named Piper. Piper has a little doll that she absolutely loves. She takes her doll everywhere and sleeps with her every night. One day, you decide that you would like to purchase a gift for your next door neighbor who is the same age as Piper. However, a recent literature has questioned the robustness of the effect in the laboratory, as well as its relevance in the field.
People were each given a coffee mug and then given the choice to sell or swap it for an equally-priced alternative which, in this case, was a pen. Fascinatingly, they found that people wanted to be paid twice the money for their . The idea that a squishy, irrational bit of human behaviour could affect the col clean and rational world of markets was a challenge to neoclassical economists. It explores the “ endowment effect ”, one of the chief tenets of prospect theory. Put simply, this means that people place an extra value on things they already own. Think of a favourite sweater, or your house: would you swap either for something of equal market value?
Over the past decade, prospect theorists . It is the surprising idea that we are prepared to pay more money to retain something that we already own than we would pay for the item if we did not own it. The Endowment Effect is a contradiction of the classical economic idea that people always behave rationally within an economic system. How the endowment effect skews judgement and leads us into bad investments and purchasing or asset strategies.
Its economic impact is consequential. It creates market inefficiencies and irregularities in valuation such as differences between buyers and sellers, reluctance to trade, and mere ownership effects. When was the last time you sold something?
Is the price you listed it for really what you would be willing to pay to purchase it? Chances are, likely not. Der Endowment Effect , auch als Besitztumseffekt bezeichnet, beinhaltet die Aussage, dass ein Verbraucher den Wert eines Gutes höher einschätzt, wenn er.