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dc.contributor.authorBischoff, Ivoen_US
dc.description.abstractThaler (1980) employs prospect theory to explain the endowment effect, i.e. the empirically observed 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). This 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. These effects may not apply to public goods because consumers are not given exclusive property rights. The graphical tools introduced by Samuelson (1954) are applied to show how these effects influence the allocation of resources among private and public goods. An inefficient allocation only occurs if the ownership utility effect applies to one good but not to the other.en_US
dc.publisherUniv., Fachbereich Wirtschaftswiss. Gießenen_US
dc.relation.ispartofseriesFinanzwissenschaftliche Arbeitspapiere 76en_US
dc.subject.keywordendowment effecten_US
dc.subject.keywordloss aversionen_US
dc.subject.keywordpublic goodsen_US
dc.subject.keywordSamuelson solutionen_US
dc.titleEndowment effect theory and the Samuelson solution – a thought experimenten_US
dc.typeWorking Paperen_US
Appears in Collections:Finanzwissenschaftliche Arbeitspapiere, FB Wirtschaftswissenschaften, JLU Gießen

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