Many have advanced observed exchange asymmetries as support for endowment effect theory and underlying prospect theory. These are very general theories about the nature of preferences, which, if accepted, have implications for applied economics in complex field settings. While we do challenge...

The purpose of Plott and Zeiler (2005) — henceforth, PZ — was to investigate whether previously published experiments using consumption goods such as mugs and candy bars to measure gaps between willingness to pay (WTP) and willingness- to-accept (WTA) support endowment effect theory (EET)....