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Money matters: an axiomatic theory of the endowment effect

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  • Raphaël Giraud

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  • Raphaël Giraud, 2012. "Money matters: an axiomatic theory of the endowment effect," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 50(2), pages 303-339, June.
    • Handle: RePEc:spr:joecth:v:50:y:2012:i:2:p:303-339
    DOI: 10.1007/s00199-010-0552-z
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    25. Raphaël Giraud, 2010. "On the interpretation of the WTP/WTA gap as imprecise utility: an axiomatic analysis," Economics Bulletin, AccessEcon, vol. 30(1), pages 692-701.
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    28. Luenberger, David G, 1996. "Welfare from a Benefit Viewpoint," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 7(3), pages 445-462, April.
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    31. Jean-Michel Courtault & Bertrand Crettez & Naila Hayek, 2007. "A Note On Luenberger'S Zero-Maximum Principle For Core Allocations," International Game Theory Review (IGTR), World Scientific Publishing Co. Pte. Ltd., vol. 9(03), pages 453-460.
    32. David G. Luenberger, 1996. "Welfare from a benefit viewpoint (*)," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 7(3), pages 445-462.
    33. Chambers, Robert G., 1995. "Benefit and Distance Functions," Working Papers 197820, University of Maryland, Department of Agricultural and Resource Economics.
    34. Sugden, Robert, 2003. "Reference-dependent subjective expected utility," Journal of Economic Theory, Elsevier, vol. 111(2), pages 172-191, August.
    35. Vega-Redondo, Fernando, 1993. "Simple and Inertial Behavior: An Optimizing Decision Model with Imprecise Perceptions," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 3(1), pages 87-98, January.
    36. Munro, Alistair & Sugden, Robert, 2003. "On the theory of reference-dependent preferences," Journal of Economic Behavior & Organization, Elsevier, vol. 50(4), pages 407-428, April.
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    Cited by:

    1. Jose Apesteguia & Miguel Ballester, 2009. "A theory of reference-dependent behavior," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 40(3), pages 427-455, September.
    2. Souki, Gustavo Quiroga & Reis, Viviane Costa & Moura, Luiz Rodrigo Cunha, 2016. "The Behavior Of Bakery Consumers," Organizações Rurais e Agroindustriais/Rural and Agro-Industrial Organizations, Universidade Federal de Lavras, Departamento de Administracao e Economia, vol. 18(1), January.
    3. Raphaël Giraud, 2010. "On the interpretation of the WTP/WTA gap as imprecise utility: an axiomatic analysis," Economics Bulletin, AccessEcon, vol. 30(1), pages 692-701.
    4. Apesteguia, Jose & Ballester, Miguel A., 2013. "Choice by sequential procedures," Games and Economic Behavior, Elsevier, vol. 77(1), pages 90-99.

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    More about this item

    Keywords

    Reference-dependent preferences; WTA/WTP gap; Endowment effect; Status quo bias; D03; D11; D81;
    All these keywords.

    JEL classification:

    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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