Ownership influences preferences more than previously thought, study finds.
The article discusses how asymmetries in exchange behavior have been mistakenly linked to Prospect Theory. The researchers clarify that these asymmetries do not necessarily support the theory. They highlight the confusion in the literature caused by the use of the term "endowment effect" and propose distinguishing between the observed phenomenon and the theoretical explanation. The study aims to address the misinterpretation of exchange asymmetries and provide a clearer understanding of the underlying factors influencing decision-making.