New Frontiers in Behavioural Science: Beyond mugs and wine – Expanding our understanding of the endowment effect

Looks at the endowment effect and what factors seem to strengthen or weaken it or whether context matters.

“A wine-loving economist we know purchased some nice Bordeaux wines years ago at low prices. The wines have greatly appreciated in value, so that a bottle that cost only $10 when purchased would now fetch $200 at auction. This economist now drinks some...

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