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What is Endowment Effect in Behavioral Economics about?

The document discusses the endowment effect, a cognitive bias where people value owned items more than identical unowned items, and presents experimental evidence supporting this phenomenon through various studies, including the classic mug experiment. It highlights how ownership influences willingness to accept versus willingness to pay, challenging traditional economic theories like the Coase Theorem. Additionally, it explores implications for labor supply decisions and reference-dependent preferences in

Author

Maliha Zabin

Language

EN