Psychology Dictionary of ArgumentsHome
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| Endowment effect: The endowment effect is a cognitive bias where people ascribe higher value to things merely because they own them. It leads individuals to overvalue their possessions compared to equivalent items they do not own, impacting decision-making and economic behavior. See also Cognitive biases._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Experimental Psychology on Endowment Effect - Dictionary of Arguments
Parisi I 116 Endowment Effect/art/Experimental Psychology/Wilkinson-Ryan: (...) basic market valuations are often ambiguous or unclear. Bucafusco and Sprigman (2011)(1) recently tested the role of the endowment effect in intellectual property. They created a contest for the best painting. One group of subjects was assigned to actually create paintings. Another group was assigned to own a painting's chance to win the contest. The third group were buyers, who could purchase a painting's chance to win the contest. The authors hypothesized that the personal and labor investment of the painters would enhance the endowment effect and thereby drive up their willingness to accept threshold. Painters on average demanded over $ 70 to relinquish their chance to win the contest—the expected value of which was $ 10. >Intellectual property/Experimental Psychology. 1. Buccafusco, Christopher and Christopher Jon Sprigman (2011). "The Creativity Effect." University of Chicago Law Review 78: 31-52. Wilkinson-Ryan, Tess. „Experimental Psychology and the Law“. In: Parisi, Francesco (ed) (2017). The Oxford Handbook of Law and Economics. Vol 1: Methodology and Concepts. NY: Oxford University Press_____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
Experimental Psychology Parisi I Francesco Parisi (Ed) The Oxford Handbook of Law and Economics: Volume 1: Methodology and Concepts New York 2017 |
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> Counter arguments against Experimental Psychology
> Counter arguments in relation to Endowment Effect
