Endowment Effect in Latin America: Experimental Evidence

2017. Revista Estudios de Administración. Vol. 24, N°2, pp 17-29

Enrique Manzur M, Pablo Farías N, Pedro Hidalgo C, Sergio Olavarrieta S

Abstract:

Authors from several disciplines -decision sciences, management, marketing, behavioraleconomics- have documented the existence of anomalies to the standard rational model ofhuman behavior. Among several anomalies, the endowment effect is a key finding of thisprevious research. Few studies have explored the endowment effect in developing countries.This study reports the results of an experiment conducted in Chile to empirically analyze theendowment effect. Findings are consistent with previous international evidence suggesting theownership itself produces value to consumers (and decision makers). Implications for marketing, management, business education and policy making practices are briefly presented.

Palabras claves: Endowment effects, quasi rational behaviour, choice, consumer behaviour

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