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Endowment effects in contests

Authors:	Curtis R PriceRoman M Sheremeta

Institution:	^a Department of Economics & Finance, College of Business, University of Southern Indiana, 8600 University Blvd., Evansville, IN 47712, USA ^b Argyros School of Business and Economics, Chapman University, One University Drive, Orange, CA 92866, USA

Abstract:	We experimentally study overbidding in contests and find that overbidding is significantly higher when subjects are given a large per-experiment endowment rather than when the endowment is given per-period. Risk-aversion and non-monetary utility of winning can partially explain our findings.

Keywords:	C72 C91 D72
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