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The implications of attachment through choice and order effects on the willingness-to-accept willingness-to-pay disparity

Cameron Belton
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Cameron Belton: University of East Anglia

No 16-04, Working Paper series, University of East Anglia, Centre for Behavioural and Experimental Social Science (CBESS) from School of Economics, University of East Anglia, Norwich, UK.

Abstract: This paper looks at the impact of attachment through choice on the willingness-to-accept- willingness-to-pay disparity. It reports the results of experiments that isolate both the presence of attachment, through the act of choice, and of random lottery effects. The results show the typical disparity between selling and buying prices, as well as evidence to suggest that both allowing for the formation of attachment through choice and the removal of random lottery effects increases individual's valuations towards a good. The surprising effects of order positively affecting good valuations is reported, and the potential implications of these findings discussed.

Keywords: endowment effect; attachment; choice; order effect (search for similar items in EconPapers)
JEL-codes: C91 D03 D12 (search for similar items in EconPapers)
Date: 2016-03-18
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