Anomalies¶
Kahneman, D., & Knetsch. (1991). Anomalies: The Endowment Effect, Loss Aversion, and Status Quo Bias. Journal of Economic Perspectives, 5(1), 193-206.
Cited by¶
3 citations across 3 artifacts.
Each citation links to the sentence it supports in the citing article.
Primes¶
- Loss Aversion
- The Kahneman-Knetsch-Thaler (1991)
This sourceDocuments the behavioral mechanism making defaults sticky in practice: parties value rights they hold under the default substantially more than equivalent rights they would have to bargain for, so defaults are not neutral starting points but quasi-anchors shaping final allocations.
- The Kahneman-Knetsch-Thaler (1991)
- Mandatory vs. Default Norms
- Kahneman, Knetsch, and Thaler (1991) supply the behavioral mechanism that makes such defaults sticky in practice: endowment effects and loss aversion mean parties value the rights they hold under the default substantially more than equivalent rights they would have to bargain for, so defaults are not merely starting points but quasi-anchors that shape final allocations even when transaction costs are low.
This sourceDocuments the behavioral mechanism making defaults sticky in practice: parties value rights they hold under the default substantially more than equivalent rights they would have to bargain for, so defaults are not neutral starting points but quasi-anchors shaping final allocations.
- Kahneman, Knetsch, and Thaler (1991) supply the behavioral mechanism that makes such defaults sticky in practice: endowment effects and loss aversion mean parties value the rights they hold under the default substantially more than equivalent rights they would have to bargain for, so defaults are not merely starting points but quasi-anchors that shape final allocations even when transaction costs are low.
Domain-specific¶
- Kaldor-Hicks Efficiency
- Empirically, willingness-to-accept typically exceeds willingness-to-pay for the same good (the endowment effect documented by Knetsch and Sinden in 1984, and by Kahneman, Knetsch, and Thaler in 1991)
This sourceThe endowment effect, in which people demand much more to give up a good than they would pay to acquire it, surveyed with loss aversion and status quo bias.
Supported in partVerified against the source
- Empirically, willingness-to-accept typically exceeds willingness-to-pay for the same good (the endowment effect documented by Knetsch and Sinden in 1984, and by Kahneman, Knetsch, and Thaler in 1991)
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