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Wiley InterScience | ||||||||||
  Scandinavian Journal of EconomicsVolume 108 Issue 1, Pages 115 - 134 Published Online: 8 May 2006 © 2009 the editors of the Scandinavian Journal of Economics
Abstract | References | Full Text: HTML, PDF (Size: 267K) | Related Articles | Citation Tracking  Using Hicksian Surplus Measures to Examine Consistency of Individual Preferences: Evidence from a Field Experiment * I would like to thank two anonymous reviewers for insightful comments on an earlier version of this study. Don Fullerton, Glenn Harrison, Daniel Kahneman, Liesl Koch, Jack Knetsch and Matthew Rabin also provided comments that significantly improved this line of research. Seminar participants at Cornell University, Harvard University, University of California‐Santa Barbara, University of Chicago, Iowa State University, University of Maryland, North Carolina State, University of Pennsylvania (Wharton), Tilburg University, University of Rhode Island and University of South Florida also offered useful comments on this topic. Conference participants at the EAERE meetings in Greece, the NBER meetings in Cambridge, MA, as well as the ESA meetings in Tucson provided useful suggestions. Any errors remain my own. Some of the contents of this study were originally circulated in a draft version of List (2004a). Copyright The editors of the Scandinavian Journal of Economics, 2006 KEYWORDS Endowment effect • field experiment • experience KEYWORDS
C 93 •
D11 Abstract
This paper pits neoclassical theory against prospect theory by investigating several clean tests of the competing hypotheses. Consistent with previous work, the field experimental data suggest that prospect theory adequately organizes behavior among inexperienced consumers, whereas consumers with intense market experience behave largely in accordance with neoclassical predictions. The data indicate that the convergence in values occurs entirely because of lower Hicksian equivalent surplus values. First version submitted May 2004;
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