Authors from several disciplines - decision sciences, management, marketing, behavioral economics - have documented the existence of anomalies to the standard rational model of human behavior. Among several anomalies, the endowment effect is a key finding of this previous research. Few studies...

Research in decision sciences, psychology, behavioral economics, and management suggest that rationality-based models are not always valid to explain human behavior (THALER, 2000; ARIELY, 2009). However business schools and management executives continue teaching and using Western-developed and...