Endowment effect
Efecto dotación
- Date
- 1980 · confidence high
- Place
- Ithaca, New York, United States
- Credited to
- Richard Thaler
- Field
- Life & health
What was discovered
A cognitive bias whereby people value a good more simply because they own it, documented by economist Richard Thaler as evidence of loss aversion against the classical economic model.
What it led to
- Consolidation of behavioral economics
- Revision of the rationality assumption in economics
- Applications in marketing and public-policy design (nudge theory)