The DOI matches its Crossref record; 11 of the 11 references it cites were found in a registry or an index.
Aspects of endowment: A query theory of value construction.
Abstract
How do people judge the monetary value of objects? One clue is provided by the typical endowment study (D. Kahneman, J. L. Knetsch, & R. H. Thaler, 1991), in which participants are randomly given either a good, such as a coffee mug, that they may later sell ("sellers") or a choice between the good and amounts of cash ("choosers"). Sellers typically demand at least twice as much as choosers, inconsistent with economic theory. This result is usually explained by an increased weighting of losses, or loss aversion. The authors provide a memory-based account of endowment, suggesting that people construct values by posing a series of queries whose order differs for sellers and choosers. Because of output interference, these queries retrieve different aspects of the object and the medium of exchange, producing different valuations. The authors show that the content and structure of the recalled aspects differ for selling and choosing and that these aspects predict valuations. Merely altering the order in which queries are posed can eliminate the endowment effect, and changing the order of queries can produce endowment-like effects without ownership.
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Cites
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Mercier, H., & Sperber, D. (2011) · Behavioral and Brain Sciences · doi:10.1017/s0140525x10000968 · Cited by 2,254
Associative processes in intuitive judgment
Morewedge, C. K., & Kahneman, D. (2010) · Trends in Cognitive Sciences · doi:10.1016/j.tics.2010.07.004 · Cited by 492
Cokely, E. T., & Kelley, C. M. (2009) · Judgment and Decision Making · doi:10.1017/s193029750000067x · Cited by 427
Shu, S. B., & Peck, J. (2011) · Journal of Consumer Psychology · doi:10.1016/j.jcps.2011.01.002 · Cited by 418
The Hippocampus and Imagining the Future: Where Do We Stand?
Addis, D. R., & Schacter, D. L. (2012) · Frontiers in Human Neuroscience · doi:10.3389/fnhum.2011.00173 · Cited by 285
Metadata
- Authors
- Johnson, E. J., Häubl, G., & Keinan, A.
- Venue
- Journal of Experimental Psychology: Learning, Memory, and Cognition
- Published
- 2007
- Volume
- 33
- Issue
- 3
- Pages
- 461-474
- ISSN
- 0278-7393 (ISSN-L)
- 1939-1285
- OpenAlex
- W2114806482
- Cited by
- 472
- References
- 11
- FWCI
- 9.03
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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