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- Title
A birtoklási hatás megnyilvánulásának háttere és következményei.
- Authors
Bélyácz, Iván; Kovács, Kármen
- Abstract
The paper studies the endowment effect in relation to prospect theory, which developed as a critique of expected utility theory in consumer decision-making. The endowment effect arises with many goods, especially hedonic ones, and is relevant also to firms, for instance through consumer willingness to take a price and through new product diffusion. The literature of endowment effect is reviewed with the focus on background and consequences. The authors investigate the relations between loss aversion and endowment effect, and the role and effect of reference points. They also emphasize how goods become part of an owner's identity. Finally, examples of segregation and integration of consumption are given, based on the value function.
- Publication
Economic Review / Kozgazdasagi Szemle, 2018, Vol 65, p382
- ISSN
0023-4346
- Publication type
Article
- DOI
10.18414/KSZ.2018.4.382