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A Bias in the Prediction of Tastes

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  • Loewenstein, George
  • Adler, Daniel

Abstract

Recent research has documented an 'endowment effect' whereby people become more attached to objects they receive than would be predicted from their prior desire to possess the object. In two experiments, the authors test whether people are aware of the effect--whether they realize that they will become more attached to an object once they receive it. In both experiments, subjects without an object underestimated how much they would value the object when they received it. Copyright 1995 by Royal Economic Society.

Suggested Citation

  • Loewenstein, George & Adler, Daniel, 1995. "A Bias in the Prediction of Tastes," Economic Journal, Royal Economic Society, vol. 105(431), pages 929-937, July.
    • Handle: RePEc:ecj:econjl:v:105:y:1995:i:431:p:929-37
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