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Title:WTP vs. WTA: christmas presents and the endowment effect PDF Logo
Authors:Bauer, Thomas K.
Schmidt, Christoph M.
Issue Date:2008
Series/Report no.:IZA discussion papers 3855
Abstract:Using data on the valuation of Christmas gifts received by students in different fields at a German university, we investigate whether the endowment effect differs between students of economics and other respondents and whether it varies with the market price of the object under consideration. Our estimation results suggest that economics students have both, a significant lower WTP and WTA, indicating that existing studies on the efficiency loss of holiday gifts and experimental studies on the endowment effect that rely on data from economics students may be biased. The result further indicates that the endowment effect is independent of the market price of the object.
Subjects:Loss aversion
endowment effect
Christmas presents
deadweight loss
JEL:D01
Persistent Identifier of the first edition:urn:nbn:de:101:1-20081202144
Document Type:Working Paper
Appears in Collections:IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)

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