Explanations of the endowment effect: an integrative review

Explanations of the endowment effect: an integrative review

Highlights • The endowment effect has traditionally been attributed to loss aversion. • New evidence elucidates more basic alternative cognitive processes. • We review evolutionary, reference-price, biased processing, and ownership theories. • Memory bias due to cognitive framing effects may best ac...

Ausführliche Beschreibung

Gespeichert in:
Bibliographische Detailangaben
Veröffentlicht in:Trends in cognitive sciences 2015-06, Vol.19 (6), p.339-348
Hauptverfasser: Morewedge, Carey K, Giblin, Colleen E
Format: Artikel
Sprache:eng
Schlagworte:
Animals
Biological Evolution
Cognition
confirmatory hypothesis testing
Economics, Behavioral
endowment effect
Humans
loss aversion
memory bias
mere ownership effect
Models, Psychological
Neurology
Perception
Psychiatry
Social Behavior
willingness to pay–willingness to accept gap
Online-Zugang:Volltext
Tags: Tag hinzufügen
Keine Tags, Fügen Sie den ersten Tag hinzu!
Beschreibung
Zusammenfassung:Highlights • The endowment effect has traditionally been attributed to loss aversion. • New evidence elucidates more basic alternative cognitive processes. • We review evolutionary, reference-price, biased processing, and ownership theories. • Memory bias due to cognitive framing effects may best account for all findings.
ISSN:1364-6613
1879-307X
DOI:10.1016/j.tics.2015.04.004