Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/22384
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dc.contributor.authorBischoff, Ivoen_US
dc.date.accessioned2009-01-29T14:57:56Z-
dc.date.available2009-01-29T14:57:56Z-
dc.date.issued2006en_US
dc.identifier.urihttp://hdl.handle.net/10419/22384-
dc.description.abstractThaler (1980) employs prospect theory to explain the endowment effect, i.e. the empiricallyobserved disparity between the willingness to pay for a certain good (WTP) and the willingnessto accept retribution payments in exchange for giving up this good (WTA). This 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.These effects may not apply to public goods because consumers are not given exclusiveproperty rights. The graphical tools introduced by Samuelson (1954) are applied to show howthese effects influence the allocation of resources among private and public goods. An inefficientallocation only occurs if the ownership utility effect applies to one good but not to theother.en_US
dc.language.isoengen_US
dc.publisher|aUniv., Fachbereich Wirtschaftswiss. |cGießenen_US
dc.relation.ispartofseries|aFinanzwissenschaftliche Arbeitspapiere |x76en_US
dc.subject.jelD60en_US
dc.subject.jelH40en_US
dc.subject.ddc330en_US
dc.subject.keywordendowment effecten_US
dc.subject.keywordloss aversionen_US
dc.subject.keywordpublic goodsen_US
dc.subject.keywordefficiencyen_US
dc.subject.keywordSamuelson solutionen_US
dc.titleEndowment effect theory and the Samuelson solution – a thought experimenten_US
dc.typeWorking Paperen_US
dc.identifier.ppn518817814en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:jlufwa:76-

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