In two experiments we study the endowment effect in the exchange of an endowment for an alternative product. The products differed either in their unique-positive or unique-negative features. Furthermore, we compared endowment effects for both hedonic and utilitarian goods. The results of the...

People are frequently challenged by goals that demand effort and persistence. As a consequence, philosophers, psychologists, economist and others have studied the factors that enhance task motivation. Using a sample of undergraduate students and a sample of working adults, we demonstrate that...

In this paper, we analyze the trading records of a major discount brokerage house to investigate the disposition effect, the tendency to sell winners too quickly than losers. In contrast to previous research that has demonstrated the disposition effect by aggregating across investors (Odean,...