Sense and sensibility of ownership : Type of ownership experience and valuation of goods

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2015
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Wang, Xiao-Tian
Ong, Lay See
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Journal of Behavioral and Experimental Economics. 2015, 58, pp. 171-177. ISSN 2214-8043. Available under: doi: 10.1016/j.socec.2015.04.010
Zusammenfassung

This study examined how the type of ownership experience affects the valuation of a good. We hypothesized that the sense of ownership is a psychological derivative of resource acquisition and allocation. We predicted a valuation order of stable ownership or no-ownership < alternating (interchanging) ownership < sudden reversals in ownership. One hundred and sixty-six participants played an object-acquisition “game”, a computer simulation of gaining or losing the ownership of an object (e.g., a pen, a mug, or a flashlight) with different outcome sequences, preprogramed but unbeknownst to the participants. After each game, the participant valued the target object by indicating their willingness-to-pay price, if the last outcome was a loss, or willingness-to-accept price, if the last outcome was a gain. The valuation of an object was highest after experiencing a final reversal in ownership from losses to a final gain or from gains to a final loss, followed by alternating ownership and stable (patrimonial) ownership or constant non-ownership. Wins or losses are not created equal due to different trajectories in how people come to own (lose) objects. The results also suggest that loss aversion is better understood as a specific result of ownership experience.

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Fachgebiet (DDC)
150 Psychologie
Schlagwörter
Ownership experience, Endowment effect, Loss aversion, Valuation, Pricing
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ISO 690WANG, Xiao-Tian, Lay See ONG, Jolene H. TAN, 2015. Sense and sensibility of ownership : Type of ownership experience and valuation of goods. In: Journal of Behavioral and Experimental Economics. 2015, 58, pp. 171-177. ISSN 2214-8043. Available under: doi: 10.1016/j.socec.2015.04.010
BibTex
@article{Wang2015-10Sense-46085,
  year={2015},
  doi={10.1016/j.socec.2015.04.010},
  title={Sense and sensibility of ownership : Type of ownership experience and valuation of goods},
  volume={58},
  issn={2214-8043},
  journal={Journal of Behavioral and Experimental Economics},
  pages={171--177},
  author={Wang, Xiao-Tian and Ong, Lay See and Tan, Jolene H.}
}
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