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dc.contributor.authorBischoff, Ivoen
dc.date.accessioned2009-01-29T14:57:56Z-
dc.date.available2009-01-29T14:57:56Z-
dc.date.issued2006-
dc.identifier.urihttp://hdl.handle.net/10419/22384-
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
dc.language.isoengen
dc.publisher|aJustus-Liebig-Universität Gießen, Fachbereich Wirtschaftswissenschaften |cGießenen
dc.relation.ispartofseries|aFinanzwissenschaftliche Arbeitspapiere |x76en
dc.subject.jelD60en
dc.subject.jelH40en
dc.subject.ddc330en
dc.subject.keywordendowment effecten
dc.subject.keywordloss aversionen
dc.subject.keywordpublic goodsen
dc.subject.keywordefficiencyen
dc.subject.keywordSamuelson solutionen
dc.titleEndowment effect theory and the Samuelson solution – a thought experiment-
dc.typeWorking Paperen
dc.identifier.ppn518817814en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:jlufwa:76en

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