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Explaining the Endowment Effect through Ownership: The Role of Identity, Gender, and Self-Threat
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Explaining the Endowment Effect through Ownership: The Role of Identity, Gender, and Self-Threat
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Journal Article
Explaining the Endowment Effect through Ownership: The Role of Identity, Gender, and Self-Threat
2013
Overview
The price people are willing to pay for a good is often less than the price they
are willing to accept to give up the same good, a phenomenon called the
endowment effect. Loss aversion has typically accounted for the endowment
effect, but an alternative explanation suggests that ownership creates an
association between the item and the self, and this possession-self link
increases the value of the good. To test the ownership account, this research
examines three moderators that theory suggests should affect the possession-self
link and consequently the endowment effect: self-threat, identity associations
of a good, and gender. After a social self-threat, the endowment effect is
strengthened for in-group goods among both men and women but is eliminated for
out-group goods among men (but not women). These results are consistent with a
possession-self link explanation and therefore suggest that ownership offers a
better explanation for the endowment effect.
