A Reference Price Theory of the Endowment Effect

@article{Weaver2012ARP,
  title={A Reference Price Theory of the Endowment Effect},
  author={Ray Weaver and Shane Frederick},
  journal={Journal of Marketing Research},
  year={2012},
  volume={49},
  pages={696 - 707}
}
The common finding that selling prices exceed buying prices (the so-called endowment effect) is typically explained by the assumptions that consumers evaluate potential transactions with respect to their current holdings and that the owners of a good regard its potential loss to be more significant than nonowners regard its potential acquisition. In contrast to this “pain-of-losing” account, the authors propose that the endowment effect reflects a reluctance to trade on terms that appear… 

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