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...

The endowment effect is a phenomenon whereby ownership increases the perceived value of goods, thereby reducing the willingness to trade. This paper presents the results of a field experiment, designed to assess the robustness of this effect when decisions concern unique, nontangible instruments...