Počet záznamů: 1
Reconsidering the effect of market experience on the “endowment effect”
0351612 - NHU-N 2011 RIV GB eng J - Článek v odborném periodiku
Engelmann, Dirk - Hollard, G.
Reconsidering the effect of market experience on the “endowment effect”.
Econometrica. Roč. 78, č. 6 (2010), s. 2005-2019 ISSN 0012-9682
Výzkumný záměr: CEZ:AV0Z70850503
Klíčová slova: endowment effect * exchange asymmetry * market experience
Kód oboru RIV: AH - Ekonomie
Impakt faktor: 3.185, rok: 2010
Simple exchange experiments have revealed that participants trade their endowment less frequently than standard demand theory would predict. List (2003a) found that the most experienced dealers acting in a well functioning market are not subject to this exchange asymmetry, suggesting that a significant amount of market experience is required to overcome it. To understand this market-experience effect, we introduce a distinction between two types of uncertainty—choice uncertainty and trade uncertainty—both of which could lead to exchange asymmetry. We conjecture that trade uncertainty is most important for exchange asymmetry. To test this conjecture, we design an experiment where the two treatments impact differently on trade uncertainty, while controlling for choice uncertainty.
Trvalý link: http://hdl.handle.net/11104/0191325