TY  - RPRT
        AU  - Bauer, Thomas K.
AU  - Schmidt, Christoph M.
        TI  - WTP vs. WTA: Christmas Presents and the Endowment Effect
        PY  - 2008/Nov/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 3855
        UR  - https://www.iza.org/publications/dp3855
        AB  - Using data on the valuation of Christmas gifts received by students in different fields at a German university, we investigate whether the endowment effect differs between students of economics and other respondents and whether it varies with the market price of the object under consideration. Our estimation results suggest that economics students have both, a significant lower WTP and WTA, indicating that existing studies on the efficiency loss of holiday gifts and experimental studies on the endowment effect that rely on data from economics students may be biased. The result further indicates that the endowment effect is independent of the market price of the object.
        KW  - endowment effect
KW  - deadweight loss
KW  - Christmas presents
KW  - loss aversion
        ER  -