{"id":26994,"date":"2017-01-09T13:45:23","date_gmt":"2017-01-09T13:45:23","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/lawandeconomics\/bibliographies\/0720-the-endowment-effect.html"},"modified":"2017-01-09T13:45:23","modified_gmt":"2017-01-09T13:45:23","slug":"0720-the-endowment-effect","status":"publish","type":"law_economics","link":"https:\/\/reference.findlaw.com\/lawandeconomics\/bibliographies\/0720-the-endowment-effect.html","title":{"rendered":"Encyclopedia of Law &#038; Economics \u2013 0720 The Endowment Effect"},"content":{"rendered":"<div>\n<ul class=\"links\">\n<li>Alchian, Armen A. (1953), &#8216;The Meaning of Utility Measurement&#8217;, <b>43 <\/b> <em>American Economic Review <\/em>, 26 ff. <\/li>\n<li>Armentano, Dominick T. (1987), &#8216;Comment: Efficiency, Liberty, and Antitrust Policy&#8217;, in Dorn, James A. and Manne, Henry G. (eds.), <em>Economic Liberties and the Judiciary <\/em>, Fairfax, George Mason University Press, 309-316. <\/li>\n<li>Baker, C. Edwin (1978), &#8216;Counting Preferences in Collective Choice Situations&#8217;, <b>25 <\/b> <em>UCLA Law Review <\/em>. <\/li>\n<li>Beavis, Brian and Rowley, Charles K. (1983), &#8216;Evaluating Choice: A Note&#8217;, <b>3 <\/b> <em>International Review of Law and Economics <\/em>, 79-83. <\/li>\n<li>Bishop, Richard, Heberlein, Thomas and Kealy, Mary Jo (1983), &#8216;Contingent Valuation of Environmental Assets: Comparisons with a Simulated Market&#8217;, <b>23 <\/b> <em>Natural Resources Journal <\/em>, 619-648. <\/li>\n<li>Boyce, Rebecca R., Brown, Thomas C., McClelland, Gary H., Peterson, George L. and Schulze, William D. (1992), &#8216;An Experimental Examination of Intrinsic Values as a Source of the WTA-WTP Disparity&#8217;, <b>82 <\/b> <em>American Economic Review <\/em>, 1366-1373. <\/li>\n<li>Brinig, Margaret F. and Crafton, Steven M. (1994), &#8216;Marriage and Opportunism&#8217;, <b>23 <\/b> <em>Journal of Legal Studies <\/em>, 869-894. <\/li>\n<li>Bromley, Daniel W. (1990), &#8216;The Ideology of Efficiency: Searching for a Theory of Policy Analysis&#8217;, <b>19 <\/b> <em>Journal of Environmental Economics and Management <\/em>, 86-107. <\/li>\n<li>Brookshire, David S. and Coursey, Don L. (1987), &#8216;Measuring the Value of a Public Good: An Empirical Comparison of Elicitation Procedures&#8217;, <b>77 <\/b> <em>American Economic Review <\/em>, 554-566. <\/li>\n<li>Bruce, Christopher J. (1984), &#8216;Testing the Hypothesis of Common Law Efficiency: The Doctrine of Informed Consent&#8217;, <b>6 <\/b> <em>Research in Law and Economics <\/em>, 227-265. <\/li>\n<li>Buchanan, James M. (1962), &#8216;The Relevance of Pareto Optimality&#8217;, <b>6 <\/b> <em>Journal of Conflict Resolution <\/em>, 341-354. <\/li>\n<li>Calabresi, Guido (1991), &#8216;The Pointlessness of Pareto: Carrying Coase Further&#8217;, <b>100 <\/b> <em>Yale Law Journal <\/em>, 1211-1237. <\/li>\n<li>Centi, Jean-Pierre (1987), &#8216;Quel crit\u008fre d&#8217;efficience pour l&#8217;analyse \u008economique du droit (Which Efficiency Criterion for Economic Analysis o)&#8217;, <b>2 <\/b> <em>Revue de la Recherche Juridique <\/em>. <\/li>\n<li>Coleman, Jules L. (1980), &#8216;Efficiency, Exchange and Auction: Philosophic Aspects of the Economic Approach to Law&#8217;, <b>68 <\/b> <em>California Law Review <\/em>, 221-249. <\/li>\n<li>Coleman, Jules L. (1980), &#8216;Efficiency, Utility, and Wealth Maximization&#8217;, <b>8 <\/b> <em>Hofstra Law Review <\/em>, 509-551. <\/li>\n<li>Coombs, C. H., Bezembinder, T. G. and Goode, F. M. (1967), &#8216;Testing Expectation Theories of Decision Making without Measuring Utility or Subjective Probability&#8217;, <b>4 <\/b> <em>Journal of Mathematical Psychology <\/em>, 72-103. <\/li>\n<li>Cooter, Robert D. (1989), &#8216;The Best Right Laws: Value Foundations of the Economic Analysis of Law&#8217;, <b>64 <\/b> <em>Notre Dame Law Review <\/em>, 817-837. Reprinted in Levit, Nancy and Hayman, Robert (Eds.), Jurisprudence: Contemporary Readings, Problems, and Narratives, West, 1994. <\/li>\n<\/ul>\n<\/div>\n<div data-readmore=\"true\">\n<ul class=\"links\">\n<li>Cotter, Thomas F. (1996), &#8216;Legal Pragmatism and the Law and Economics Movement&#8217;, <b>84 <\/b> <em>Georgetown Law Journal <\/em>, 2071-2141. <\/li>\n<li>Curran, Christophe and Rubin, Paul H. (1995), &#8216;The Endowment Effect and Income Transfers&#8217;, <b>17 <\/b> <em>Research in Law and Economics <\/em>, 207-217. <\/li>\n<li>Demsetz, Harold (1969), &#8216;Information and Efficiency: Another Viewpoint&#8217;, <b>12 <\/b> <em>Journal of Law and Economics <\/em>, 1-22. <\/li>\n<li>Dnes, Anthony W. (1984), &#8216;Joint Production, National Income Definitions and Pricing in Linear Environmental Models&#8217;, <b>18(4) <\/b> <em>Socio-Economic Planning Sciences <\/em>, 247-253. <\/li>\n<li>Dobbs, I. (1981), &#8216;Externality, Efficiency and the Pareto Principle&#8217;, <b>1 <\/b> <em>International Review of Law and Economics <\/em>, 167-181. <\/li>\n<li>Egger, J.B. (1979), &#8216;Efficiency Is Not a Substitute for Ethics&#8217;, in Rizzo, Mario J. (ed.), <em>Time, Uncertainty and Disequilibrium <\/em>, Lexington (MA), Lexington Books, 117-125. <\/li>\n<li>Fischel, William A. (1991), &#8216;Exploring the Kozinski Paradox: Why Is More Efficient Regulation a Taking of Property?&#8217;, <b>67(3) <\/b> <em>Chicago-Kent Law Review <\/em>, 865-912. <\/li>\n<li>Fischel, William A. (1995), &#8216;The Offer\/Ask Disparity and Just Compensation for Takings: A Constitutional Choice Perspective&#8217;, <b>15 <\/b> <em>International Review of Law and Economics <\/em>, 187-203. <\/li>\n<li>Fishel, William A. and Shapiro, Perry (1988), &#8216;Takings, Insurance and Michelman: Comments on Economic Interpretations of &#8220;Just Compensation&#8221; Law&#8217;, <b>17 <\/b> <em>Journal of Legal Studies <\/em>, 269-293. Reprinted in Robert Ellickson, Carol Rose, and Bruce Ackerman (Eds.), Perspectives on Property Law, 2d ed., 514-530, Boston, Little Brown, 1995. <\/li>\n<li>Friedman, David D. (1988), &#8216;Does Altruism Produce Efficient Outcomes ? Marshall versus Kaldor&#8217;, <b>17 <\/b> <em>Journal of Legal Studies <\/em>, 1-13. <\/li>\n<li>Frisch, R. (1959), &#8216;On Welfare Theory and Pareto Regions&#8217;, <b>9 <\/b> <em>International Economic Review <\/em>, 39-92. <\/li>\n<li>Gantner, Manfred (1993), &#8216;Anmerkungen zur Universit\u008atsreform aus finanzwissenschaflticher Sicht (Notes on Reforming Universities from a Public Finance Perspective)&#8217;, in Strasser, R. (ed.), <em>Beitr\u008age zum Universit\u008atsrecht <\/em>, Vienna, 119-139. <\/li>\n<li>Gilson, Ronald J. and Kraakman, Reinier H. (1984), &#8216;The Mechanisms of Market Efficiency&#8217;, <b>70 <\/b> <em>Virginia Law Review <\/em>, 549-644. <\/li>\n<li>Glasner, David (1982), &#8216;On the Difference Between Wealth and Liberty&#8217;, <b>2 <\/b> <em>International Review of Law and Economics <\/em>, 227-233. <\/li>\n<li>Goldberg, Victor P. (1984), &#8216;Production Functions, Transactions, Costs, and the New Institutonalism&#8217;, in Goldberg, Victor P. (ed.), <em>Readings in the Economics of Contract Law <\/em>, Cambridge, Cambridge University Press, 21-23. Reprinted in Feiwel, George (Ed.), Issues in Contemporary Microeconomics Macmillan Press 395-402. <\/li>\n<li>Grant, Robin F. (1989), &#8216;Judge Richard Posner&#8217;s Wealth Maximization Principle: Another Form of Utilitarianism?&#8217;, <b>10 <\/b> <em>Cardozo Law Review <\/em>, 815-845. <\/li>\n<li>Hammond (1982), &#8216;The Economics of Justice and the Criterion of Wealth Maximization&#8217; (Book Review),&#8217;, <b>91 <\/b> <em>Yale Law Journal <\/em>, 1493-1507. <\/li>\n<li>Hanemann, W. Michael (1991), &#8216;Willingness to Pay and Willingness to Accept: How Much Can They Differ?&#8217;, <b>81 <\/b> <em>American Economic Review <\/em>, 635-647. <\/li>\n<li>Hanks, John L. (1986), &#8216;On a Just Measure of the Efficiency of Law and Governmental Politics&#8217;, <b>8 <\/b> <em>Cardozo Law Review <\/em>, 1-38. <\/li>\n<li>Harless, David W. (1989), &#8216;More Laboratory Evidence on the Disparity Between Willingness to Pay and Compensation Demanded&#8217;, <b>11 <\/b> <em>Journal of Economic Behavior and Organization <\/em>, 359-379. <\/li>\n<li>Hayashida, Seimei (1991), &#8216;Koritsusei tai Ihosei : Minji Iho no Keizairiron (Efficiency vs. Unlawfulness : An Economic Theory of the Unlawfulness in the Civil Law in Japan)&#8217;, <b>41 <\/b> <em>Hokudai Hogaku Ronshu (Hokkaido Law Review) <\/em>, 1364-1450. <\/li>\n<li>Heiner, Ronald A. (1983), &#8216;The Origin of Predictable Behavior&#8217;, <b>73 <\/b> <em>American Economic Review <\/em>, 560-595. <\/li>\n<li>Hochman, Harold M. and Peterson, George E. (eds.) (1974), <em>Redistribution through Public Choice <\/em>, New York, Columbia University Press. <\/li>\n<li>Hoffman, Elizabeth and Spitzer, Matthew L. (1993), &#8216;Willingness to Pay vs. Willingness to Accept: Legal and Economic Implications&#8217;, <b>71 <\/b> <em>Washington University Law Quarterly <\/em>, 59-114. <\/li>\n<li>Hovenkamp, Herbert (1991), &#8216;Legal Policy and the Endowment Effect&#8217;, <b>20 <\/b> <em>Journal of Legal Studies <\/em>, 225-247. <\/li>\n<li>Hovenkamp, Herbert J. (1990), &#8216;Legislation, Well-Being, and Public Choice&#8217;, <b>57 <\/b> <em>University of Chicago Law Review <\/em>, 63-116. <\/li>\n<li>Hovenkamp, Herbert J. (1990), &#8216;Exchange on Public Choice&#8217;, <b>57 <\/b> <em>University of Chicago Law Review <\/em>, 840-843. <\/li>\n<li>Hovenkamp, Herbert J. (1991), &#8216;Legal Policy and the Endowment Effect&#8217;, <b>20 <\/b> <em>Journal of Legal Studies <\/em>, 225-247. <\/li>\n<li>Johnsen, D. Bruce (1986), &#8216;Wealth Is Value&#8217;, <b>15 <\/b> <em>Journal of Legal Studies <\/em>, 263-288. <\/li>\n<li>Jones, Peter and Sugden, Robert (1982), &#8216;Evaluating Choice&#8217;, <b>2 <\/b> <em>International Review of Law and Economics <\/em>, 47-65. <\/li>\n<li>Jones, Peter and Sugden, Robert (1983), &#8216;Evaluating Choice: A Reply&#8217;, <b>3 <\/b> <em>International Review of Law and Economics <\/em>, 85-87. <\/li>\n<li>Juhnjuhnwala, Bharat (1974), &#8216;Kaldor-Hicks-Scitovsky Criteria: A Postmortem&#8217;, <b>40 <\/b> <em>Southern Economic Journal <\/em>, 493-496. <\/li>\n<li>Kahan, Marcel (1992), &#8216;Securities Laws and the Social Costs of &#8216;Inaccurate&#8217; Stock Prices&#8217;, <em>Duke Law Journal <\/em>, 977-1044. <\/li>\n<li>Kahneman, Daniel and Tversky, Amos (1979), &#8216;Prospect Theory: An Analysis of Decision Under Risk&#8217;, <b>47 <\/b> <em>Econometrica <\/em>, 263-291. <\/li>\n<li>Kahneman, Daniel, Knetsch, Jack and Thaler, Richard H. (1990), &#8216;Experimental Tests of the Endowment Effect and the Coase Theorem&#8217;, <b>98 <\/b> <em>Journal of Political Economy <\/em>, 1325-1348. <\/li>\n<li>Kahneman, Daniel, Knetsch, Jack and Thaler, Richard H. (1991), &#8216;Anomalies: The Endowment Effect, Loss Aversion, and Status Quo Bias&#8217;, <b>5 <\/b> <em>Journal of Economic Perspectives <\/em>, 193-206. <\/li>\n<li>Kaldor, N. (1939), &#8216;Welfare Propositions of Economics and Interpersonal Comparisons of Utility&#8217;, <b>49 <\/b> <em>Economic Journal <\/em>, 549-552. <\/li>\n<li>Keenan, Donald C. (1981), &#8216;Value Maximization and Welfare Theory&#8217;, <b>10 <\/b> <em>Journal of Legal Studies <\/em>, 409-419. <\/li>\n<li>Kennedy, Duncan (1981), &#8216;Cost-Benefit of Entitlement Problems: A Critique&#8217;, <b>33 <\/b> <em>Stanford Law Review <\/em>, 387-445. <\/li>\n<li>Kirchner, Christian (1991), &#8216;Comment (on Eger, Nagel and Weise, Effizienz und Menschenw\u009frde)&#8217;, in Ott, Claus and Sch\u008afer, Hans-Bernd (eds.), <em>\u0085konomische Probleme des Zivilrechts <\/em>, Berlin, Springer, 35-38. <\/li>\n<li>Knetsch, Jack L. (1984), &#8216;Legal Rules and the Basis for Evaluating Economic Losses&#8217;, <b>4 <\/b> <em>International Review of Law and Economics <\/em>, 5-13. <\/li>\n<li>Knetsch, Jack L. (1989), &#8216;The Endowment Effect and Evidence of Nonreversible Indifference Curves&#8217;, <b>79 <\/b> <em>American Economic Review <\/em>, 1277-1284. <\/li>\n<li>Knetsch, Jack L. (1990), &#8216;Environmental Policy Implications of Disparities between Willingness to Pay and Compensation Demanded Measures of Values&#8217;, <b>18 <\/b> <em>Journal of Environmental Economics and Management <\/em>, 227-237. <\/li>\n<li>Knetsch, Jack L. and Borcherding, Thomas (1979), &#8216;Expropriation of Private Property and the Basis for Compensation&#8217;, <b>29 <\/b> <em>University of Toronto Law Journal <\/em>, 237-252. <\/li>\n<li>Knetsch, Jack L. and Sinden, J. A. (1984), &#8216;Willingness to Pay and Compensation Demanded: Experimental Evidence of an Unexpected Disparity in Measures of Value&#8217;, <b>99 <\/b> <em>Quarterly Journal of Economics <\/em>, 507-521. <\/li>\n<li>Knez, Peter, Smith, Vernon L. and Williams, Arlington W. (1985), &#8216;Individual Rationality, Market Rationality, and Value Estimation&#8217;, <b>75 <\/b> <em>American Economic Review <\/em>, 397-402. <\/li>\n<li>Kornhauser, Lewis A. (1980), &#8216;A Guide to the Perplexed Claims of Efficiency in the Law&#8217;, <b>8 <\/b> <em>Hofstra Law Review <\/em>, 591-639. <\/li>\n<li>Kraakman, Reinier H. (1988), &#8216;Taking Discounts Seriously: The Implications of &#8220;Discounted&#8221; Share Prices as an Acquisition Motive&#8217;, <b>88 <\/b> <em>Columbia Law Review <\/em>, 891-941. <\/li>\n<li>Kronman, Anthony T. (1980), &#8216;Wealth Maximization as a Normative Principle&#8217;, <b>9 <\/b> <em>Journal of Legal Studies <\/em>, 227-242. <\/li>\n<li>K\u009fbler, Friedrich (1990), &#8216;Effizienz als Rechtsprinzip &#8211; \u0086berlegungen zum rechtspraktischen Gebrauch \u009akonomischer Argumente (Efficiency as Legal Principle &#8211; Considerations for the Legal Practice Use of Economic Arguments)&#8217;, in Baur, J\u009frgen F., Hopt, Klaus J. and Mail\u008ander (eds.), <em>Festschrift f\u009fr Ernst Steindorff <\/em>, Berlin, De Gruyter, 687-704. <\/li>\n<li>Lande, Robert H. (1982), &#8216;Wealth Transfers as the Original and Primary Concern of Antitrust: The Efficiency Interpretation Challenged&#8217;, <b>34 <\/b> <em>Hastings Law Journal <\/em>, 67-151. <\/li>\n<li>Lande, Robert H. (1988), &#8216;The Rise and (Coming) Fall of Efficiency as the Ruler of Antitrust&#8217;, <b>33 <\/b> <em>Antitrust Bulletin <\/em>, 429-466. Reprinted in 23 Revista de Direito Economico 39 (1996) (Brazil) ; Eleanor Fox and James Halverson, Collaborations Among Competitors: Antitrust Policy and Economics 105-130 (1992) <\/li>\n<li>Lande, Robert H. (1989), &#8216;Chicago&#8217;s False Foundation: Wealth Transfers (Not Just Efficiency) Should Guide Antitrust&#8217;, <b>58 <\/b> <em>Antitrust Law Journal <\/em>, 631 ff. F.M. Scherer, Monopoly and Competition Policy: Volume 1, 241 (1993) <\/li>\n<li>Lee, Dwight R. and McKenzie, Richard B. (1990), &#8216;Second Thoughts on the Public-Good Justification for Government Poverty Programs&#8217;, <b>19 <\/b> <em>Journal of Legal Studies <\/em>, 189-202. <\/li>\n<li>Lemley, Mark A. (1997), &#8216;The Economics of Improvement in Intellectual Property Law&#8217;, <b>75 <\/b> <em>Texas Law Review <\/em>, 989 ff. <\/li>\n<li>Lipsey, Richard G. and Lancaster, K. (1956), &#8216;On the General Theory of the Second Best&#8217;, <b>24 <\/b> <em>Review of Economic Studies <\/em>, 11-32. <\/li>\n<li>Loewenstein, George and Adler, Daniel (1995), &#8216;A Bias in the Prediction of Tastes&#8217;, <b>105 <\/b> <em>Economic Journal <\/em>, 929-937. <\/li>\n<li>Macey, Jonathan R. and Miller, Geoffrey P. (1990), &#8216;Good Finance, Bad Economics: An Analysis of the Fraud-on-the-Market Theory&#8217;, <b>42 <\/b> <em>Stanford Law Review <\/em>, 1059-1092. <\/li>\n<li>Margolis, Stephen E. (1987), &#8216;Two Definitions of Efficiency in Law and Economics&#8217;, <b>16 <\/b> <em>Journal of Legal Studies <\/em>, 471-482. <\/li>\n<li>Markovits, Richard S. (1975), &#8216;A Basic Structure for Microeconomic Policy Analysis in our Worse-Than-Second-Best World: A Proposal and Related Critique of the Chicago Approach to the Study of Law and Economics&#8217;, <em>Wisconsin Law Review <\/em>, 950-1080. <\/li>\n<li>Markovits, Richard S. (1980), &#8216;Legal Analysis and the Economic Analysis of Allocative Efficiency&#8217;, <b>8 <\/b> <em>Hofstra Law Review <\/em>, 811-903. <\/li>\n<li>McClelland, Gary H. and Schulze, William D. (1991), &#8216;The Disparity Between Willingness to Pay Versus Willingness to Accept as a Framing Effect&#8217;, in Brown, Donald R. and Smith, J.E. Keith (ed.), <em>Frontiers of Mathematical Psychology: Essays in Honor of Clyde Coombs <\/em>, New York, Springer, 166-192. <\/li>\n<li>Medema, Steven G. (1993), &#8216;Is There Life Beyond Efficiency? 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(1967), &#8216;Pareto Optimality and the Law&#8217;, <b>19 <\/b> <em>Oxford Economic Papers <\/em>, 255-287. <\/li>\n<li>O&#8217;Driscoll, Gerald P., Jr. (1980), &#8216;Justice, Efficiency, and the Economic Analysis of Law: A Comment on Fried&#8217;, <b>9 <\/b> <em>Journal of Legal Studies <\/em>, 355-366. <\/li>\n<li>Olson, Mancur (1987), &#8216;Why Some Welfare-State Redistribution to the Poor is a Great Idea&#8217;, in Rowley, Charles K. (ed.), <em>Democracy and Public Choice: Essays in Honor of Gordon Tullock <\/em>, Oxford, Blackwell, 191-222. <\/li>\n<li>Ortona, Guido and Scacciati, Francesco (1992), &#8216;New Experiments on the Endowment Effect&#8217;, <b>13 <\/b> <em>Journal of Economic Psychology <\/em>, 277-296. <\/li>\n<li>Paz-Ares, C\u0087ndido (1993), &#8216;Principio de Eficiencia y Derecho privado (Efficiency and Private Law)&#8217;, in AA.VV., <em>Derecho, moral y eficiencia, III <\/em>, Jornadas de Filosof\u0092a del Derecho, Palma de Mallorca. 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Eine an den recthlichen Zielvorgaben und am Effizienzkriterium orientierte Analyse (Law and Economics of the Product Liability Law. 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