Endowment effects in contests |
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Authors: | Curtis R. PriceRoman M. Sheremeta |
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Affiliation: | a Department of Economics & Finance, College of Business, University of Southern Indiana, 8600 University Blvd., Evansville, IN 47712, USAb Argyros School of Business and Economics, Chapman University, One University Drive, Orange, CA 92866, USA |
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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. |
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Keywords: | C72 C91 D72 |
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