Attachment or Ownership: Reference Point Shifts and an Experimental Test of Attachment

Makoto Nakada
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Makoto Nakada: Hitotsubashi University

No 2012-012, Keio/Kyoto Joint Global COE Discussion Paper Series from Keio/Kyoto Joint Global COE Program

Abstract: This paper suggests a hypothesis that feelings of attachment change subjective valuation through reference point shifts. This attachment hypothesis can explain seemingly contradictory results of recent experiments concerning what are called endowment effects, in which there exists disparities of valuation between owners and nonowners. That is, individuals who are attached to a good value it highly. We propose a model of value function that illustrates the attachment hypothesis. In this model, feelings of attachment shift the reference point. In addition, we test the effect of attachment on subjective valuation by experimentally controlling attachment, using a psychological method called priming manipulation.

Pages: 29 pages
Date: 2012-06
New Economics Papers: this item is included in nep-exp
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