The DOI matches its Crossref record; 28 of the 28 references it cites were found in a registry or an index.
Possession, feelings of ownership and the endowment effect
Open accessAbstract
Research in judgment and decision making generally ignores the distinction between factual and subjective feelings of ownership, tacitly assuming that the two correspond closely. The present research suggests that this assumption might be usefully reexamined. In two experiments on the endowment effect we examine the role of subjective ownership by independently manipulating factual ownership (i.e., what participants were told about ownership) and physical possession of an object. This allowed us to disentangle the effects of these two factors, which are typically confounded. We found a significant effect of possession, but not of factual ownership, on monetary valuation of the object. Moreover, this effect was mediated by participants’ feelings of ownership, which were enhanced by the physical possession of the object. Thus, the endowment effect did not rely on factual ownership per se but was the result of subjective feelings of ownership induced by possession of the object. It is these feelings of ownership that appeared to lead individuals to include the object into their endowment and to shift their reference point accordingly. Potential implications and directions for future research are discussed.
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Cites
Prospect Theory: An Analysis of Decision under Risk
Kahneman, D., & Tversky, A. (1979) · Econometrica · doi:10.2307/1914185 · Cited by 48,524
Prospect theory: An analysis of decision under risk
Kahneman, D., & Tversky, A. (1988) · Decision, Probability and Utility · doi:10.1017/cbo9780511609220.014 · Cited by 32,474
Possessions and the Extended Self
Belk, R. W. (1988) · Journal of Consumer Research · doi:10.1086/209154 · Cited by 9,064
Kahneman, D., & Tversky, A. (1984) · American Psychologist · doi:10.1037/0003-066x.39.4.341 · Cited by 6,544
Toward a positive theory of consumer choice
Thaler, R. (1980) · Journal of Economic Behavior & Organization · doi:10.1016/0167-2681(80)90051-7 · Cited by 5,505
Kahneman, D., & Tversky, A. (2013) · World Scientific Handbook in Financial Economics Series · doi:10.1142/9789814417358_0016 · Cited by 5,320
Anomalies: The Endowment Effect, Loss Aversion, and Status Quo Bias
Kahneman, D., Knetsch, J. L., & Thaler, R. H. (1991) · Journal of Economic Perspectives · doi:10.1257/jep.5.1.193 · Cited by 5,019
Experimental Tests of the Endowment Effect and the Coase Theorem
Kahneman, D., Knetsch, J. L., & Thaler, R. H. (1990) · Journal of Political Economy · doi:10.1086/261737 · Cited by 3,194 · cited 1×
“The effect has since been widely replicated (e.g., Kahneman, Knetsch, & Thaler, 1990; Kahneman, Knetsch, & Thaler, 1991).”
Experimental Tests of the Endowment Effect and the Coase Theorem
Kahneman, D., Knetsch, J. L., & Thaler, R. H. (2000) · Behavioral Law and Economics · doi:10.1017/cbo9781139175197.009 · Cited by 2,873
Arkes, H. R., & Blumer, C. (1985) · Organizational Behavior and Human Decision Processes · doi:10.1016/0749-5978(85)90049-4 · Cited by 2,573 · cited 2×
“…could examine the role of subjective ownership in the escalation of commitment to failing projects (Staw, 1976) and failure to disregard sunk costs (Arkes & Blumer, 1985), which may well involve decision makers’ subjective ownership of a project and a resulting feeling that one must take care of…”
Background
Cited by
The “I Designed It Myself” Effect in Mass Customization
Franke, N., Schreier, M., & Kaiser, U. (2010) · Management Science · doi:10.1287/mnsc.1090.1077 · Cited by 760
Shu, S. B., & Peck, J. (2011) · Journal of Consumer Psychology · doi:10.1016/j.jcps.2011.01.002 · Cited by 418
Brasel, S. A., & Gips, J. (2014) · Journal of Consumer Psychology · doi:10.1016/j.jcps.2013.10.003 · Cited by 383
Digital Goods Are Valued Less Than Physical Goods
Atasoy, O., & Morewedge, C. K. (2018) · Journal of Consumer Research · doi:10.1093/jcr/ucx102 · Cited by 323
A psychological ownership approach to designing object attachment
Baxter, W. L., Aurisicchio, M., & Childs, P. R. N. (2015) · Journal of Engineering Design · doi:10.1080/09544828.2015.1030371 · Cited by 97
Metadata
- Authors
- Reb, J., & Connolly, T.
- Venue
- Judgment and Decision Making
- Publisher
- Cambridge University Press (CUP)
- Published
- 2007-04
- Volume
- 2
- Issue
- 2
- Pages
- 107-114
- ISSN
- 1930-2975 (ISSN-L)
- OpenAlex
- W2124161016
- Cited by
- 313
- References
- 28
- FWCI
- 1.95
- Type
- journal article
- Language
- en
- Open access
- gold
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Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
