Fixed: Why Personal Finance is Broken and How to Make it Work for Everyone
by John Y. Campbell and Tarun Ramadorai · 25 Jul 2025
, “Prospect theory: An analysis of decision under risk,” Econometrica 47 (1979): 262–292, and Daniel Kahneman, Jack L. Knetsch, and Richard H. Thaler, “Anomalies: The endowment effect, loss aversion, and status quo bias,” Journal of Economic Perspectives 5, no. 1 (1991): 193–206. For evidence that loss aversion is not confined to
Capital Ideas Evolving
by Peter L. Bernstein · 3 May 2007
Prior Outcomes on Risky Choice,” Management Science, Vol. 36, No. 6 ( June), pp. 643– 660. Thaler, Richard, Daniel Kahneman, and J. L. Knetsch, 1992. “The Endowment Effect, Loss Aversion and Status Quo Bias,” in Richard Thaler, The Winner ’s Curse, Princeton, NJ: Princeton University Press. Temin, Peter, and Hans-Joachim Voth, 2003
Titan: The Life of John D. Rockefeller, Sr.
by Ron Chernow · 1 Jan 1997 · 1,106pp · 335,322 words
chair expressly for him. Senior followed this advice and, after making sure that Columbia would give him the chair, gave the school a $100,000 endowment, effectively buying his son-in-law’s job at considerable expense. For a time in the early 1900s, Rockefeller saw a lot of Charles and Bessie
The WEIRDest People in the World: How the West Became Psychologically Peculiar and Particularly Prosperous
by Joseph Henrich · 7 Sep 2020 · 796pp · 223,275 words
ways in which WEIRD people are psychologically unusual when seen in a global and historical perspective. We also overvalue the things we ourselves own (the endowment effect), overestimate our valued talents, seek to make ourselves look good (self-enhancement), and love to make our own choices. Table 1.1 lists some of
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mathematical laws exist ■ Linear time and notions of progress Perceptual and Cognitive Abilities and Biases ■ Analytical over holistic thinking ■ Attention to foreground and central actors ■ Endowment effect—overvaluing our own stuff ■ Field independence: isolating objects from background ■ Overconfidence (of our own valued abilities) Despite the growing evidence, many psychologists and economists remain
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, while they certainly exist across societies and back into history, dispositions in general, and personalities specifically, are just more important in WEIRD societies.46 THE ENDOWMENT EFFECT Traditionally, Hadza hunter-gatherers engaged in no commerce among themselves and little trade with other groups. When necessary, they may have even resorted to silent
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these impersonal markets influencing Hadza psychology?47 In an elegant experiment, the anthropologist-cum-psychologist Coren Apicella and her colleagues examined a phenomenon called the endowment effect among the Hadza. Participants were randomly given one of two different-colored lighters, which are useful for starting cooking fires. Then, participants were given an
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. WEIRD people get psychologically attached to stuff they personally own in ways that make them behave in seemingly irrational ways—this emotional attachment is the endowment effect. Something about personally owning a thing seems to make it more valuable. This WEIRD psychological pattern is just as strong in WEIRD kindergarteners as it
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headbands to adventure tourists, participants kept their initial lighters 74 percent of the time. This is striking: hunter-gatherers with little market integration show no endowment effect, but when part of this population is exposed to impersonal markets, they begin irrationally holding on to their initial endowments. This occurs despite the fact
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. Once again, the Hadza living a traditional lifestyle were basically rational traders, while the market-integrated Hadza revealed a clear endowment effect. What gives? What’s the link between markets and the endowment effect? This is a good question. I suspect that impersonal markets cultivate an emphasis on personal attributes, unique abilities, and individual
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are my mugs, lighters, and biscuits. This idea has been supported by research comparing the size of the endowment effect between North American and East Asian undergraduates. Not surprisingly, North Americans exhibit a stronger endowment effect than do East Asians. Both groups, of course, are equally market-integrated, but they possess distinct social norms
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that either elevate the centrality of the individual or suppress it into the collective.50 It’s important not to see the absence of an endowment effect among the nonmarket Hadza as the “natural condition” of humanity. The Hadza possess their own potent social norms, which promote the widespread sharing of food
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, because soon it will be someone else’s stuff. Such institutions should suppress any inclination toward an endowment effect.51 Given the limited cross-cultural data available, my explanation for the origin of the endowment effect remains only a proposal. The reason we don’t know more is that both economists and psychologists studying
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’ psychology rather than a local cognitive calibration to a society’s institutions, languages, and technologies. Like so many other psychological findings, the intensity of the endowment effect ranges from an extreme in WEIRD societies to nonexistent among the traditional Hadza. Before concluding this chapter, I need to come clean. As with the
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endowment effect, the ideas presented in this chapter are more speculative than in the preceding chapters, and, while there’s much supportive evidence, it is often patchy,
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World Through Islamic Eyes. New York: PublicAffairs. Apicella, C. L., Azevedo, E. M., Christakis, N. A., and Fowler, J. H. (2014). Evolutionary origins of the endowment effect: Evidence from hunter-gatherers. American Economic Review 104 (6), 1793–805. Apicella, C. L., Carre, J. M., Dreber, A. (2015). Testosterone and economic risk taking
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Economic Growth 17 (4), 267–321. Harbaugh, W. T., Krause, K., and Vesterlund, L. (2001). Are adults better behaved than children? Age, experience, and the endowment effect. Economics Letters 70 (2), 175–81. Hargadon, A. (2003). How Breakthroughs Happen: The Surprising Truth About How Companies Innovate. Boston, MA: Harvard Business School Press
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., Adam, H., Adair, W., Endo, Y., Carmon, Z., and Heine, S. J. (2010). For whom is parting with possessions more painful? Cultural differences in the endowment effect. Psychological Science 21 (12), 1910–17. Malhotra, D. (2010). (When) are religious people nicer? Religious salience and the “Sunday effect” on pro-social behavior. Judgment
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. Gluckman (ed.), The Allocation of Responsibility (pp. 88–93). Manchester, UK: Manchester University Press. Morewedge, C. K., and Giblin, C. E. (2015). Explanations of the endowment effect: An integrative review. Trends in Cognitive Sciences 19 (6), 339–48. Morgan, J. (1852). The Life and Adventures of William Buckley: Thirty-Two Years a
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., and McGuffin, P. (2001). Behavioral Genetics (4th ed.). New York: Worth. Plott, C. R., and Zeiler, K. (2007). Exchange asymmetries incorrectly interpreted as evidence of endowment effect theory and prospect theory? American Economic Review 97 (4), 1449–66. Pope, H. G., Kouri, E. M., and Hudson, J. I. (2000). Effects of supraphysiologic
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and; universities and; urbanization and economic productivity economic prosperity; intensive kinship and; Protestantism and; urbanization and; war and Edison, Thomas Edlund, Lena education Encyclopédie (Diderot) endowment effect Enke, Benjamin Enlightenment: collective brain and; French; political theories of; Scottish; thinkers Envy Game Ethiopia Ethnographic Atlas ethnolinguistic groups Europe; collective brain of; cousin marriage
Thinking, Fast and Slow
by Daniel Kahneman · 24 Oct 2011 · 654pp · 191,864 words
Can We Trust It? 23. The Outside View 24. The Engine of Capitalism Part IV. Choices 25. Bernoulli’s Errors 26. Prospect Theory 27. The Endowment Effect 28. Bad Events 29. The Fourfold Pattern 30. Rare Events 31. Risk Policies 32. Keeping Score 33. Reversals 34. Frames and Reality Part V. Two
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wealth, her emotional response to trivial gains and losses makes no sense.” “He weighs losses about twice as much as gains, which is normal.” The Endowment Effect You have probably seen figure 11 or a close cousin of it even if you never had a class in economics. The graph displays an
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depends only on that state and is not affected by your history. Correcting that mistake has been one of the achievements of behavioral economics. The Endowment Effect The question of when an approach or a movement got its start is often difficult to answer, but the origin of what is now known
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than the maximum buying price of $35. Owning the good appeared to increase its value. Richard Thaler found many examples of what he called the endowment effect, especially for goods that are not regularly traded. You can easily imagine yourself in a similar situation. Suppose you hold a ticket to a sold
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you do not sell. Your lowest selling price is above $3,000 and your maximum buying price is $500. This is an example of an endowment effect, and a believer in standard economic theory would be puzzled by it. Thaler was looking for an account that could explain puzzles of this kind
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read the manuscript with considerable Bon s Able Bonexcitement, because he quickly realized that the loss-averse value function of prospect theory could explain the endowment effect and some other puzzles in his collection. The solution was to abandon the standard idea that Professor R had a unique utility for the state
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steeper in the negative domain; the response to a loss is stronger than the response to a corresponding gain. This was the explanation of the endowment effect that Thaler had been searching for. And the first application of prospect theory to an economic puzzle now appears to have been a significant milestone
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worked closely with a local economist, Jack Knetsch, with whom we shared intense interest in the endowment effect, the rules of economic fairness, and spicy Chinese food. The starting point for our investigation was that the endowment effect is not universal. If someone asks you to change a $5 bill for five singles, you
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relative to the reference price) is about twice as large as the effect of gains. The mugs experiment has remained the standard demonstration of the endowment effect, along with an even simpler experiment that Jack Knetsch reported at about the same time. Knetsch asked two classes to fill out a questionnaire and
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Aersi Bonon. However, it is well understood that reference points are labile, especially in unusual laboratory situations, and that the endowment effect can be eliminated by changing the reference point. No endowment effect is expected when owners view their goods as carriers of value for future exchanges, a widespread attitude in routine commerce and
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the cards they owned, but that this reluctance eventually disappeared with trading experience. More surprisingly, List found a large effect of trading experience on the endowment effect for new goods. At a convention, List displayed a notice that invited people to take part in a short survey, for which they would be
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only 18% of the inexperienced traders were willing to exchange their gift for the other. In sharp contrast, experienced traders showed no trace of an endowment effect: 48% of them traded! At least in a market environment in which trading was the norm, they showed no reluctance to trade. Jack Knetsch also
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conducted experiments in which subtle manipulations made the endowment effect disappear. Participants displayed an endowment effect only if they had physical possession of the good for a while before the possibility of trading it was mentioned. Economists of the
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expect to be important. Indeed, the different methodological concerns of experimental economists and psychologists have been much in evidence in the ongoing debate about the endowment effect. Veteran traders have apparently learned to ask the correct question, which is “How much do I want to have that mug, compared with other things
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I could have instead?” This is the question that Econs ask, and with this question there is no endowment effect, because the asymmetry between the pleasure of getting and the pain of giving up is irrelevant. Recent studies of the psychology of “decision making under
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poverty” suggest that the poor are another group in which we do not expect to find the endowment effect. Being poor, in prospect theory, is living below one’s reference point. There are goods that the poor need and cannot afford, so they are
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in samples of students of the United States, but the differences are much smaller among English students. Much remains to be learned about the endowment effect. Speaking Of The Endowment Effect “She didn’t care which of the two offices she would get, but a day after the announcement was made, she was no
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longer willing to trade. Endowment effect!” “These negotiations are going nowhere because both sides find it difficult to make concessions, even when they can get something in return. Losses loom larger
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aversion (in a particular context) by inducing them to “think like a trader,” just as experienced baseball card traders are not as susceptible to the endowment effect as novices are. Students made risky decisions (to accept or reject gambles in which they could lose) under different instructions. In the narrow-framing condition
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normal outcome than is failure. Responsib B Th5onche potenility Losses are weighted about twice as much as gains in several contexts: choice between gambles, the endowment effect, and reactions to price changes. The loss-aversion coefficient is much higher in some situations. In particular, you may be more loss averse for aspects
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losses. Because losses loom larger than gains, the decision maker will be biased in favor of retaining the status quo. Thaler (1980) coined the term “endowment effect” to describe the reluctance of people to part from assets that belong to their endowment. When it is more painful to give up an asset
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be smaller than the minimal compensation that would induce the same individual to give up that asset, once acquired. Thaler discussed some examples of the endowment effect in the behavior of consumers and entrepreneurs. Several studies have reported substantial discrepancies between buying and selling prices in both hypothetical and real transactions (Gregory
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loss aversion provides limited protection against regret and envy by reducing the attractiveness of foregone alternatives and of others’ endowments. Loss aversion and the consequent endowment effect are unlikely to play a significant role in routine economic exchanges. The owner of a store, for example, does not experience money paid to suppliers
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of Regret: Anticipation of Uncertainty Resolution in Choice,” Organiz {an>y did not ational Behavior and Human Decision Processes 66 (1966): 228–36. 27: The Endowment Effect What is missing from the figure: A theoretical analysis that assumes loss aversion predicts a pronounced kink of the indifference curve at the reference point
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the first half of the line has a token, and no one behind them does. Brain recordings: Brian Knutson et al., “Neural Antecedents of the Endowment Effect,” Neuron 58 (2008): 814–22. Brian Knutson an {an utson et ad Stephanie M. Greer, “Anticipatory Affect: Neural Correlates and Consequences for Choice,” Philosophical Transactions
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Eliminate Market Anomalies?” Quarterly Journal of Economics 118 (2003): 47–71. Jack Knetsch also: Jack L. Knetsch, “The Endowment Effect and Evidence of Nonreversible Indifference Curves,” American Economic Review 79 (1989): 1277–84. ongoing debate about the endowment effect: Charles R. Plott and Kathryn Zeiler, “The Willingness to Pay–Willingness to Accept Gap, the
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‘Endowment Effect,’ Subject Misconceptions, and Experimental Procedures for Eliciting Valuations,” American Economic Review 95 (2005): 530–45. Charles Plott, a leading
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experimental economist, has been very skeptical of the endowment effect and has attempted to show that it is not a “fundamental aspect of human preference” but rather an outcome of inferior technique. Plott and Zeiler
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believe that participants who show the endowment effect are under some misconception about what their true values are, and they modified the procedures of the original experiments to eliminate the misconceptions. They devised
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procedure in which the participants experienced the roles of both buyers and sellers, and were explicitly taught to assess their true values. As expected, the endowment effect disappeared. Plott and Zeiler view their method as an important improvement of technique. Psychologists would consider the method severely deficient, because it communicates to the
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have physical possession of it, which is crucial to the effect. See Charles R. Plott and Kathryn Zeiler, “Exchange Asymmetries Incorrectly Interpreted as Evidence of Endowment Effect Theory and Prospect Theory?” American Economic Review 97 (2007): 1449–66. There may be an impasse here, where each side rejects the methods required by
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Cohen and Jack L. Knetsch, “Judicial Choice and Disparities Between Measures of Economic Value,” Osgoode Hall Law Review 30 (1992): 737–70. Russell Korobkin, “The Endowment Effect and Legal Analysis,” Northwestern University Law Review 97 (2003): 1227–93. asymmetrical effects on individual well-being: Zamir, “Law and Psychology.” 29: The Fourfold Pattern
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. inaction; paraplegics and; perception of; substitution of question on; in vivid outcomes; in vivid probabilities; weather and; work and employers, fairness rules and endangered species endowment effect; and thinking like a trader energy, mental engagement Enquiry Concerning Human Understanding, An (Hume) entrepreneurs; competition neglect by Epley, Nick Epstein, Seymour equal-weighting schemes
Big Mistakes: The Best Investors and Their Worst Investments
by Michael Batnick · 21 May 2018 · 198pp · 53,264 words
tend to believe we know more than we actually can. One of the ways that this manifests itself in investing is in something called the endowment effect. After consumers or investors make a purchase, we value this new possession more than we did before it was ours. Imagine you're wagering on
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about your decision than before you parted with your dollars. Kahneman, Knetsch, and Thaler documented this in an experiment in their 1991 paper, “Anomalies: The Endowment Effect, Loss Aversion, and Status Quo Bias.”1 In an advanced undergraduate economics class at Cornell, 22 students in alternating seats were given coffee mugs that
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the mirror and seeing an ability that we just do not possess. Notes 1. Daniel Kahneman, Jack L. Knetsch, and Richard H. Thaler, “Anomalies: The Endowment Effect, Loss Aversion, and Status Quo Bias,” Journal of Economic Perspectives 5, no. 1 (Winter 1991): 193–206. 2. Robert Shiller, Irrational Exuberance (Princeton, NJ: Princeton
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you hope it gets into the next iPhone, write down your thinking. This way, if it doesn't come to fruition, you can combat the endowment effect, which is the phenomenon of people ascribing more value to something because they own it. Writing down the reason you bought something can mitigate this
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, 88–89 persistence, 89 Adams, Evelyn, 131 Airbnb, 151 Alcoa, trading, 157 Alfond, Harold, 81 Amazon, 139–140 earnings, 7 Animal spirits, 126 “Anomalies: The Endowment Effect, Loss Aversion, and Status Quo Bias” (Kahneman/Knetsch/Thaler), 75 AOL/Time Warner, merger, 49 Apple earnings, certainty (example), 120 shareholder wealth, 109 Arthur Lipper
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conservatism, 50 Economic Consequences of the Peace, The, (Keynes), 122 E.F. Hutton, founding, 17 Einhorn, David, 27 Ellis, Charlie, 38, 99 Emotions, control, 93 Endowment effect, 75 fund, Keynes control, 123 Energizer Holdings, value, 91 Enron, 113–114 eToys, valuation, 58 Exchange‐traded funds (ETFs), 157 Graham recognition, 7 leverage, 131
The Power of Passive Investing: More Wealth With Less Work
by Richard A. Ferri · 4 Nov 2010 · 345pp · 87,745 words
in my investing career. As with more investors, I was completely at ease with my decision to implement a completely passive investment approach. The Endowment Effect The endowment effect occurs when an investor believes that what they own is superior to something they don’t own even though that belief is demonstratively not true
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rather hold their losing investments and wait for them to recover rather than take the loss and switch into a different strategy. I see the endowment effect at work in the investment management business. The number of new client inquiries declines sharply during a bear market as people reject the idea of
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changing strategies until they make up some of their loses. Taxable investors are handicapped by the endowment effect because a bear market is the ideal time to sell losing investments and switching their strategy. This period creates the lowest capital gains and generates
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management (AUM) Bad accounting Banz, Rolf Barclays Capital Aggregate Bond Index Barra Inc. Basu, Sanjoy Batterymarch Financial Management Beardstown Ladies, the Bear market: advisors and endowment effect and market timing gaps and policy changes and risk and Beat-the-market advice Behavioral finance Benchmarking, improper Benchmark(s): buying defining good definition of
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under fiduciary advisor types under purpose of safe harbor to 401(k) trustees section 3(38) Investment Manager small plans and Employer-sponsored retirement plans Endowment effect Endowment funds Equal-weighted index Equity mutual funds ERISA. See Employee Retirement Income Securities Act (ERISA) Estate planning ETFs. See Exchange-traded funds (ETFs) ETF
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trusts restatement of trusts (third) taxes and UPIA and active management UPIA and passive investing Procrastinating non-index investors: changing/staying the course definition of endowment effect and land of the lost modern portfolio theory and veering off course Prospect theory Prudence, elements of Prudent Investor Act: A Guide to Understanding, The
A Wealth of Common Sense: Why Simplicity Trumps Complexity in Any Investment Plan
by Ben Carlson · 14 May 2015 · 232pp · 70,835 words
the last war by letting the recency effect lead us to make decisions based on what we wish we had done in last cycle. The endowment effect causes investors to overvalue investments that they already own. The confirmation bias draws us into only those sources that agree with our current mindset instead
How to Own the World: A Plain English Guide to Thinking Globally and Investing Wisely
by Andrew Craig · 6 Sep 2015 · 305pp · 98,072 words
are cash buyers. That said, people have said this about London before, and it hasn’t stopped a number of crashes occurring throughout history. The endowment effect I would argue that another reason UK prices (in sterling terms at least) have held up relatively well so far is due to another well
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-documented facet of human psychology: the endowment effect. Put simply, the endowment effect is when an individual believes the current price or value of something they own must be the same or more than what they paid
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worth much less than they bought them for, instead watching them fall further and further. Professional traders, by contrast, are often explicitly aware of the endowment effect and ruthlessly cut their losses as a result. What happens in property markets time and time again is that when the fundamentals turn bearish (negative
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), there is quite a long lag before prices fall. This is often due, in part, to the endowment effect: in more difficult economic conditions, the number and wealth of potential buyers falls, for all the reasons mentioned above (less bank lending, fewer people with
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, flourished, giving them little incentive to question what was happening. House prices kept increasing and, thanks to a heady cocktail of money illusion and the endowment effect, people felt wealthier. In turn, politicians were happy, as there is no happier electorate than one that feels wealthy. In the “noughties”, particularly after 9
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theories that can negatively affect our ability to make sensible investment decisions. We have already talked about three of these: money illusion, anchoring and the endowment effect. As a quick reminder: money illusion refers to our tendency to ignore inflation (particularly real inflation) when assessing the value of something; anchoring concerns how
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people are inclined to give too much weight to their recent experience (ignoring what actually happens in the long-term); and the endowment effect is where individuals demand more for something than they would be willing to pay for it themselves (and are unwilling to acknowledge their asset is
The Secret of Our Success: How Culture Is Driving Human Evolution, Domesticating Our Species, and Making Us Smarter
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Theory 136 (1):217–235. Apicella, C., E. A. Azevedo, J. A. Fowler, and N. A. Christakis. 2014. “Isolated hunter-gatherers do not exhibit the endowment effect bias.” American Economic Review 104(6) 1793–1805. Apicella, C. L., F. Marlowe, J. Fowler, and N. Christakis. 2012. “Social networks and cooperation in Hadza
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When the Money Runs Out: The End of Western Affluence
by Stephen D. King · 17 Jun 2013 · 324pp · 90,253 words
Why Nudge?: The Politics of Libertarian Paternalism
by Cass R. Sunstein · 25 Mar 2014 · 168pp · 46,194 words
Success and Luck: Good Fortune and the Myth of Meritocracy
by Robert H. Frank · 31 Mar 2016 · 190pp · 53,409 words
Markets, State, and People: Economics for Public Policy
by Diane Coyle · 14 Jan 2020 · 384pp · 108,414 words
Incognito: The Secret Lives of the Brain
by David Eagleman · 29 May 2011 · 383pp · 92,837 words
The New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, Trade Management
by Alexander Elder · 28 Sep 2014 · 464pp · 117,495 words
Discardia: More Life, Less Stuff
by Dinah Sanders · 7 Oct 2011 · 267pp · 78,857 words
The Minimalist Home: A Room-By-Room Guide to a Decluttered, Refocused Life
by Joshua Becker · 18 Dec 2018 · 238pp · 67,971 words
Thinking in Bets
by Annie Duke · 6 Feb 2018 · 288pp · 81,253 words
Admissions: A Life in Brain Surgery
by Henry Marsh · 3 May 2017 · 257pp · 84,498 words
Brave New Work: Are You Ready to Reinvent Your Organization?
by Aaron Dignan · 1 Feb 2019 · 309pp · 81,975 words
Aftershock: The Next Economy and America's Future
by Robert B. Reich · 21 Sep 2010 · 147pp · 45,890 words
Company of One: Why Staying Small Is the Next Big Thing for Business
by Paul Jarvis · 1 Jan 2019 · 258pp · 74,942 words
Bulletproof Problem Solving
by Charles Conn and Robert McLean · 6 Mar 2019
Decisive: How to Make Better Choices in Life and Work
by Chip Heath and Dan Heath · 26 Mar 2013 · 316pp · 94,886 words
Effective Programming: More Than Writing Code
by Jeff Atwood · 3 Jul 2012 · 270pp · 64,235 words
You Are Not So Smart
by David McRaney · 20 Sep 2011 · 270pp · 83,506 words
Cogs and Monsters: What Economics Is, and What It Should Be
by Diane Coyle · 11 Oct 2021 · 305pp · 75,697 words
Beyond the Random Walk: A Guide to Stock Market Anomalies and Low Risk Investing
by Vijay Singal · 15 Jun 2004 · 369pp · 128,349 words
SuperFreakonomics
by Steven D. Levitt and Stephen J. Dubner · 19 Oct 2009 · 302pp · 83,116 words