[태그:] Consumer Economics

Kahneman, D., Knetsch, J. L., & Thaler, R. H. (1991). The endowment effect, loss format, and status quo bias. Journal of Economic Perspectives, 5, 193-206.

A wine-loving economist we know purchased some nice Bordeaux wines years ago at low prices. The wines have greatly appreciated in value, so that a bottle that cost only $10 when purchased would now fetch $200 at auction. This economist now drinks some of this wine occasionally, but would neither be willing to sell the wine at the auction price nor buy an additional bottle ...

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