Is the Endowment Effect a Reference Effect?
---- Acknowledgments ----
Corresponding author: Ori Heffetz. We thank Daniel Benjamin, Daniel Kahneman, Botond Koszegi, Ted O'Donoghue, and Matthew Rabin for helpful discussions; seminar participants at Cornell, the ESA North American Meetings, Hebrew University, UCSD, and University of Pittsburgh for useful comments; and Sean Garborg for excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.