In simple exchange experiments participants have been reported to trade their endowments with similar objects less frequently than predicted by the neoclassical demand theory. Recent research has indicated that the experimental support for exchange asymmetry is fragile in alternative...

In this paper, we relax the hard closure property of experiments that have been used to study endowment effect in laboratory. We study differences in benchmark environments (hard closure) and an environment that allows participants to reverse the decisions taken in the laboratory (soft closure)....