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The endowment effect is the finding that possession of an item adds to its value. We introduce a new procedure for testing this effect: participants are divided into two groups. Possession group participants inspect a numbered lottery ticket and know it is theirs, while inspection group...
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There is a common view, dating back at least to Hume, that property rights presuppose scarcity. This paper is a … over this thesis from the debate over Intellectual Property (IP) rights (the area where it is most frequently applied). I … begin by laying out the thesis’ major line of defense. In brief, the argument is that (1) property rights are legitimate …
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