Customers often face the disappointment of learning that a product they anticipated having is no longer available. In this paper, we analyze the unavailability of a sought-after product or experience as an illusory loss; while the customer has never had the product or experience to lose, they...

In a typical endowment effect experiment, individuals state a higher willingness-to-accept to sell an object than a willingness-to-pay to obtain the object. The leading explanation for the endowment effect is loss aversion for the object. An alternative explanation is based on a buy-sell...