Kahneman, Daniel; Knetsch, Jack L; Thaler, Richard H - In: Journal of Political Economy 98 (1990) 6, pp. 1325-48
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.,...