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dc.contributor.authorBischoff, Ivoen_US
dc.date.accessioned2009-01-29T14:57:55Z-
dc.date.available2009-01-29T14:57:55Z-
dc.date.issued2006en_US
dc.identifier.urihttp://hdl.handle.net/10419/22383-
dc.description.abstractMany studies report on a systematic disparity between the willingness to pay for a certain good (WTP) and the willingness to accept retribution payments in exchange for giving up this good (WTA). Thaler (1980) employs prospect theory to explain this disparity. The literature contains two different interpretations of his endowment effect theory. Accordingly, the disparity is caused either by the disutility from parting with one's endowment and/or by an extra utility from ownership which is not anticipated by individuals who are not endowed with the good. So far, the empirical evidence on the applicability of endowment effect theory is limited to private goods. The current paper reports on an experiment which finds a significant ownership utility effect for a publicly provided good. This result indicates that prospect theory applies to publicly provided goods even though consumers do not have exclusive property rights.en_US
dc.language.isoengen_US
dc.publisherUniv., Fachbereich Wirtschaftswiss. Gießenen_US
dc.relation.ispartofseriesFinanzwissenschaftliche Arbeitspapiere 75en_US
dc.subject.jelH40en_US
dc.subject.jelC92en_US
dc.subject.jelQ51en_US
dc.subject.jelH43en_US
dc.subject.ddc330en_US
dc.subject.keywordendowment effecten_US
dc.subject.keywordloss aversionen_US
dc.subject.keywordpublicly provided goodsen_US
dc.subject.keywordexperimenten_US
dc.titleEndowment effect theory, prediction bias and publicly provided goods – an experimental studyen_US
dc.typeWorking Paperen_US
dc.identifier.ppn518817369en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:jlufwa:75-
Appears in Collections:Finanzwissenschaftliche Arbeitspapiere, FB Wirtschaftswissenschaften, JLU Gießen

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