We present a theory of exchange that provides an alternative explanation for the endowment effect. Unlike standard neoclassical theories and Prospect Theory, our approach is not based on preference structure, but on adaptive responses to the problem of exchange when value is uncertain. We...

Following the Euro changeover in January 2002, consumers across the Euro Area perceived a sharp rise in inflation, in contrast to official figures. Several theories have been advanced to explain this apparent economic illusion, but they struggle to account for its striking scale and persistence....

We critically examine and empirically test the hypothesis that the strong socioeconomic gradients characterising attendance at arts events result from similar gradients in preferences for the arts, in line with existing theories of demand for the arts derived from orthodox consumer theory. To...

In the absence of longitudinal data, recall data is used to examine participation in sport. Techniques of survival analysis are adapted and applied to illuminate the dynamics of sporting life. The likelihood of participation has a distinct pattern across the life-course, rising to a peak at 15...

This report examines the impact of social disadvantage on various forms of participation in sport, using data from more than 3,000 Irish adults. It found those with low income or low educational attainment are many times less likely to participate. This effect is so strong that the large...

We hypothesise and confirm a previously unnoticed pattern within pre-existing data on the endowment effect, collected via seven experiments employing the original design. Subjects with low valuations in binary choice relative to other subjects set a proportionally higher willingness to accept....

Introduction The context for this year's Budget differs sharply from most of those in the past decade and a half. The global economy has been buffeted by crises in financial markets. Oil prices, even after recent falls, are at very high levels. Furthermore, the sharp decline in housing activity...

How people perceive and forecast inflation has the potential to impact on a range of economic outcomes. We reveal large, systematic overestimation of inflation by Irish consumers, which varies by social group. In contrast to previous work in this area, our models suggest the upward bias and the...