Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/22383
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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 certaingood (WTP) and the willingness to accept retribution payments in exchange for giving up thisgood (WTA). Thaler (1980) employs prospect theory to explain this disparity. The literaturecontains two different interpretations of his endowment effect theory. Accordingly, the disparityis caused either by the disutility from parting with one's endowment and/or by an extra utilityfrom ownership which is not anticipated by individuals who are not endowed with the good. Sofar, the empirical evidence on the applicability of endowment effect theory is limited to privategoods. The current paper reports on an experiment which finds a significant ownership utilityeffect for a publicly provided good. This result indicates that prospect theory applies to publiclyprovided goods even though consumers do not have exclusive property rights.en_US
dc.language.isoengen_US
dc.publisher|aUniv., Fachbereich Wirtschaftswiss. |cGießenen_US
dc.relation.ispartofseries|aFinanzwissenschaftliche Arbeitspapiere |x75en_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-

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