禀赋效应的研究现状与展望

禀赋效应是指一旦某物品成为自己拥有的一部分,人们倾向给予它更高的价值评价。对于禀赋效应的解释主要是损失规避理论和自尊理论。影响禀赋效应产生的因素主要有物品价格的不确定性、好奇心效应、交易需求效应等。神经机制研究表明,内侧前额叶(MPFC)、伏隔核(NAcc)、岛叶(insula)等脑区与禀赋效应密切相关,神经机制研究为全面理解禀赋效应提供了新的途径。     

禀赋效应的心理机制及其影响因素

禀赋效应是指个体在拥有某物品时对该物品的估价高于没有拥有该物品时的估价的现象。这一现象在行为经济学中普遍存在。禀赋效应的研究范式包括经典研究范式与物物交换范式。禀赋效应的心理机制主要包括损失规避与查询理论。禀赋效应的影响因素主要包括认知角度、动机、情绪、交易物品的特征、研究设计的选择等。未来的研究需要从禀赋效应的适用条件、产生根源、研究范式的改进等方面进一步探讨。     

关于成本沉没效应的实验研究

运用IAT 技术,通过实验,证明“损失厌恶”具有内隐性,“损失厌恶”存在内隐偏差,并且二者具有很强的稳定性,即不受当前情绪及刺激材料性质等的影响,为进一步认识成本沉没效应等现象的本质特点提供了证据。     

风险投资中的短视效应及理论解释

“投资者难以长远地将多重投资看作整体,而更倾向于分割成单一决策进而表现出每次决策风险规避的现象”被称为风险投资中的短视效应.短视/远视风险投资常通过单一决策/重复决策范式予以研究.大多数的研究发现,在单一决策条件下,投资者接受投资的人数比例或者投资金额低于重复决策条件.短视效应的调节机制有反馈频率、投资灵活性、选择组块、风险状况等.研究者分别提出短视损失厌恶（myopic loss aversion,简称MLA）理论和短视预期理论（myopic prospect theory,MPT）对短视现象进行解释;但这些理论受到基于齐当别理论（equate-to-differentiate theory）研究的挑战.文章在总结短视效应已有相关研究的基础上指出今后有必要深入探索的方向.     

引入中立方参照：对禀赋效应的再探讨

在以往禀赋效应研究的基础上, 本研究引入中立方估价值作为参照, 在时间维度上探讨了禀赋效应的变化趋势, 并尝试延伸禀赋效应的定义。研究发现, 随着卖方拥有物品的时间延长, 买卖双方的估价呈下降趋势, 卖方的估价总是显著高于买方, 但买卖双方的估价之差不随卖方拥有物品的时间延长发生变化; 以中立方的估价为参照, 在较短的时间内卖方的估价倾向于理性, 在较长的时间内买方的估价倾向于理性; 卖方的估价在时间水平上相对于中立价格呈递增性, 而买方的估价相对于中立价格呈递减性。引入中立方再探讨禀赋效应并没有否定它的存在, 而且能够更好地解释生活中的非理性行为。     

塞勒关于行为金融学的实证研究及其理论贡献

理查德·塞勒(Richard H. Thaler)是行为金融学的主要创建者。全文按照行为金融学的发展脉络, 在简单介绍了行为金融学诞生的前提条件及理论基础之后, 详细介绍了塞勒等学者关于股票的输家-赢家效应、封闭式基金之谜以及股权溢价之谜的实证研究及其理论观点, 展示了塞勒等学者如何巧妙地以真实金融市场上的产品以及投资者的行为为样本, 通过对这些数据的挖掘、提炼以及模拟, 揭示出投资者的信念、情绪等心理因素是导致上述金融“异象”的主要原因。对这些现象的研究, 使得塞勒脱离了传统金融学研究的窠臼, 倡导了金融学研究中关注个体行为及心理因素的研究取向, 促成了行为金融学的发展与壮大。     

禀赋效应对产品更换决策的影响

以禀赋效应理论为研究基础, 通过两个情景实验对产品更换过程中买卖双方的决策心理进行了研究。实验1表明, 在以旧换新活动中新产品的买方对旧产品的价格有高估的倾向, 对新产品的价格有低估的倾向; 相反, 新产品的卖方对旧产品的价格有低估的倾向, 而对于新产品的价格有高估的倾向, 这说明产品更换决策中存在着双重的禀赋效应。实验2表明, 新产品的买方对旧产品的属性评价显著高于新产品的卖方, 对新产品的属性评价显著低于新产品的卖方, 说明属性评价也存在禀赋效应的特征。双重禀赋效应的存在从消费者行为的角度解释了为什么消费者会出现创新抵制行为。     

基于预期理论的风险决策的神经机制

预期理论基于对期望效用理论的批判与发展,提出了价值函数与权重函数,对以往风险决策研究中所发现的现象进行了很好的预测与解释。预期理论的核心概念包括参照依赖、损失规避与权重函数。基于预期理论的一些决策偏差包括框架效应、禀赋效应和默认偏差也部分揭示了与人们风险决策有关的脑区。近年来,通过采用功能性核磁共振等脑成像手段对预期理论的一些核心成分进行的研究表明,涉及到人们风险决策的脑区主要有前额叶、纹状体、脑岛与杏仁核。未来的研究可以从预期理论的产生根源、个体发展以及遗传基因等角度进行进一步的探讨。     

“要有创造性”指导语效应及其对创造性教学的启示

“要有创造性”指导语效应（effects of explicit instructions to“be creative”）,是指在创造力测验或实验任务中,明确要求“要有创造性”（be creative）的指导语,能够促进被试的创造性表现的现象。该效应的理论解释主要有最大化表现理论、目标设置理论和注意控制理论。在指导语中对“创造性”作出解释、创造性任务的类型以及被试特征,都会影响“要有创造性”指导语效应的产生。在创造性教学过程中,可以根据“要有创造性”指导语效应发生的机制,从设置创造性目标、根据任务特征施加精细指导、结合学生特征实施个性化教学三个方面,设计创造性活动,以促进学生创新能力的发展。     

从理论到研究,再到应用:塞勒及其贡献

继西蒙、泽尔腾和卡尼曼之后,芝加哥大学Booth商学院教授塞勒成为第四位基于有限理性开展研究而获得诺贝尔经济学奖的学者。在理论上,他接受和发展了有限理性观,提出和发展了心理账户理论;在基础研究上,他揭示和发现了心理账户具有禀赋效应、自我控制不足及公平偏好等独特属性;在实践应用上,他用相关的理论和发现说明和分析股票和基金市场的一些现象,将实证研究结果广泛应用于商业、公共事务管理、政策制定,提出了帮助人们绕开陷阱的"助推"方法。塞勒的研究形成了"理论-研究-应用"三位一体的逻辑体系。他不仅是行为经济学的奠基人,更是国家政策的谏言者之一。     

Bad riddance or good rubbish? Ownership and not loss aversion causes the endowment effect

People typically demand more to relinquish the goods they own than they would be willing to pay to acquire those goods if they did not already own them (the endowment effect). The standard economic explanation of this phenomenon is that people expect the pain of relinquishing a good to be greater than the pleasure of acquiring it (the loss aversion account). The standard psychological explanation is that people are reluctant to relinquish the goods they own simply because they associate those goods with themselves and not because they expect relinquishing them to be especially painful (the ownership account). Because sellers are usually owners, loss aversion and ownership have been confounded in previous studies of the endowment effect. In two experiments that deconfounded them, ownership produced an endowment effect but loss aversion did not. In Experiment 1, buyers were willing to pay just as much for a coffee mug as sellers demanded if the buyers already happened to own an identical mug. In Experiment 2, buyers’ brokers and sellers’ brokers agreed on the price of a mug, but both brokers traded at higher prices when they happened to own mugs that were identical to the ones they were trading. In short, the endowment effect disappeared when buyers were owners and when sellers were not, suggesting that ownership and not loss aversion causes the endowment effect in the standard experimental paradigm.     

行为经济学中的损失规避

损失规避是指,人们总是强烈倾向于规避损失：一定数额的损失所引起的心理感受,其强烈程度约相当于两倍数额的获益感受。这种强烈的心理与行为倾向广泛存在于风险与非风险领域,在该两个领域中损失规避的研究范式也不同。损失规避常见于经济和消费等领域,可用于解释行为决策中有悖于规范化理论的诸多现象,如禀赋效应、现状偏差、股权溢价之迷和赢者的诅咒等。然而,损失规避的机制研究还存在许多尚未解决的问题,如损失规避的本质以及适用条件。今后的研究不仅要注重认知角度和情感依恋,还要结合认知过程来研究损失规避的性质和内在机制,以期帮助人们认识、预测及干预由损失规避造成的经济损失和非理性决策。     

Beyond mere ownership: transaction demand as a moderator of the endowment effect

Transaction demand refers to the motivation to complete a transaction. As transaction demand increases, owners should sell at lower prices and buyers should buy at higher ones. It was predicted that the endowment effect—the tendency for minimum selling price to exceed maximum buying price for a particular commodity—should be minimized when buyers and sellers have high transaction demand. The results of two experiments supported this hypothesis: In Experiment 1, the endowment effect was observed when participants imagined another individual wanting to buy from or sell to them, but not when they imagined wanting to buy from or sell to another individual. In Experiment 2, a reversal of the endowment effect was observed when transaction demand was high for both prospective buyers and sellers. The findings highlight the importance of motivational factors in addition to other factors (e.g., loss aversion, reference dependence) in determining behavior.     

Similarity and reluctance to trade

Previous research has shown that after decision makers are endowed with an object, they are reluctant to trade it for an alternative item. This endowment effect can be explained by loss aversion, the tendency to weight losses more heavily than gains. Consequently, there is no reluctance to trade when no true loss is involved. Four studies investigated whether reluctance to trade declines when the trade involves less of a loss—specifically, when one item is traded for another very similar item. Three experiments did not reveal a relation between willingness to trade and the similarity between the two items being traded. A fourth experiment, however, indicated that subjects were quite willing to trade for an identical item, less willing to trade for a similar item, and even less willing to trade for a dissimilar item. Thus, reluctance to trade decreased as the similarity between the endowment and the alternative increased. This result suggests that loss aversion is a function not only of the item being lost but also of the trade itself—that is, of the relation between the two items being traded. © 1998 John Wiley & Sons, Ltd.     

The influence of involvement on the endowment effect: The moveable value function

The endowment effect is based on the loss aversion built into Prospect Theory's asymmetric value function. This paper posits that the level of consumer involvement with a decision is a moderator of the endowment effect. It is proposed that high involvement increases the slope differential between the loss and gain regions of the value function, enhancing loss aversion. The research further posits that higher involvement is accompanied by higher arousal and cognitive processing which produces stronger negativity in thoughts. The argument for these effects is discussed in the context of evolutionary theory. We conclude that consumers are more loss averse in high versus low involvement conditions.     

Aspects of endowment: a query theory of value construction

How do people judge the monetary value of objects? One clue is provided by the typical endowment study (D. Kahneman, J. L. Knetsch, & R. H. Thaler, 1991), in which participants are randomly given either a good, such as a coffee mug, that they may later sell ("sellers") or a choice between the good and amounts of cash ("choosers"). Sellers typically demand at least twice as much as choosers, inconsistent with economic theory. This result is usually explained by an increased weighting of losses, or loss aversion. The authors provide a memory-based account of endowment, suggesting that people construct values by posing a series of queries whose order differs for sellers and choosers. Because of output interference, these queries retrieve different aspects of the object and the medium of exchange, producing different valuations. The authors show that the content and structure of the recalled aspects differ for selling and choosing and that these aspects predict valuations. Merely altering the order in which queries are posed can eliminate the endowment effect, and changing the order of queries can produce endowment-like effects without ownership.     

Mementos and the endowment effect

This research provides evidence for a new moderator of the endowment effect: having a memento of the endowed object. Three studies adapting classic endowment effect paradigms and using a variety of endowment objects and mementos demonstrate that having a memento of an endowment increases willingness to trade the endowment and decreases selling prices for the endowment. We provide evidence that mementos attenuate the endowment effect regardless of whether the memento is a separate small gain when facing the loss of the endowment or a small part of the original endowment that is kept. Examining mementos in context of the endowment effect not only provides insight into the psychology underlying the reluctance to part with one's endowment but also other consumer disposition behaviors.