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Related Experiment Video

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Errors as a Means of Reducing Impulsive Food Choice
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Consumption experience, choice experience and the endowment effect.

Steven J Humphrey1, Luke Lindsay2, Chris Starmer3

  • 11School of Business Administration and Economics, University of Osnabrück, Rolandstraße 8, 49069 Osnabrück, Germany.

Journal of the Economic Science Association
|January 31, 2020
PubMed
Summary

This study explored how experience impacts the endowment effect. While no significant effect was found initially, acquiring goods in installments and avoiding giving up the last item increased trading behavior.

Keywords:
Endowment effectExperienceSplitting effects

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Area of Science:

  • Behavioral Economics
  • Consumer Psychology

Background:

  • The endowment effect, where individuals overvalue items they own, is a well-documented phenomenon.
  • The role of prior consumption and choice experience in shaping the endowment effect remains less understood, particularly with unfamiliar goods.

Purpose of the Study:

  • To investigate how prior tasting and choice experiences influence the endowment effect for unfamiliar consumption goods.
  • To examine the conditions under which the endowment effect emerges and how experience modulates it.

Main Methods:

  • Experimental design involving endowments of unfamiliar consumption goods.
  • Manipulation of endowment acquisition (single vs. two installments) and trading conditions (last unit retention).
  • Measurement of subjects' willingness to swap items based on prior consumption and choice experiences.

Main Results:

  • No statistically significant endowment effect was observed in the baseline treatment with single-installment endowments.
  • An endowment effect emerged when endowments were acquired in two installments, with some evidence that choice experience increased trading.
  • Subjects showed a greater willingness to trade when they did not have to relinquish the final unit of their endowment, explaining the absence of the effect in the baseline.

Conclusions:

  • The endowment effect is sensitive to the endowment acquisition process and the specific trading context.
  • Prior choice experience may enhance the endowment effect, particularly when endowments are acquired incrementally.
  • The reluctance to part with the final unit of an endowment can suppress the endowment effect, highlighting the importance of loss aversion in specific scenarios.