We use four incentivized representative surveys to study the endowment effect for lotteries in 4,000 U.S. adults. We … replicate the standard finding of an endowment effect--the divergence between Willingness to Accept (WTA) and Willingness to Pay … (WTP), but document three new findings. First, we find little evidence that the endowment effect is related to loss …

potential bias associated with the initial endowment allocation. We find a highly significant endowment effect which may explain … endowment effects than the standard design and a full risk design that creates an endowment effect in the opposite direction …, indicating that loss aversion may not be the primary cause of the endowment effect. …