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Anomalies: The Endowment Effect, Loss Aversion, and Status ...

Anomalies: The Endowment Effect, Loss Aversion, and Status Quo Bias by Daniel Kahneman, Jack L. Knetsch, Richard H. Thaler The Journal of Economic Perspectives, 5(1), pp. 193-206, Winter 1991 Permission to make digital or hard copies of part or all of American Economic Association publications for personal or classroom use is granted without fee provided that copies are not distributed for profit or direct commercial advantage and that copies show this notice on the first page or initial screen of a display along with the full citation, including the name of the author.

would subsequently be selected at random and only the trades made on this trial would be executed. (2) On the binding market trial, all trades would be implemented, unlike the subset implemented in the induced value markets. The initial assignment of buyer and seller roles was maintained for all four trading periods.

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