CAJ | 학술논문

在以往禀赋效应研究的基础上,本研究引入中立方估价值作为参照,在时间维度上探讨了禀赋效应的变化趋势,并尝试延伸禀赋效应的定义.研究发现,随着卖方拥有物品的时间延长,买卖双方的估价呈下降趋势,卖方的估价总是显著高于买方,但买卖双方的估价之差不随卖方拥有物品的时间延长发生变化;以中立方的估价为参照,在较短的时间内卖方的估价倾向于理性,在较长的时间内买方的估价倾向于理性;卖方的估价在时间水平上相对于中立价格呈递增性,而买方的估价相对于中立价格呈递减性.引入中立方再探讨禀赋效应并没有否定它的存在,而且能够更好地解释生活中的非理性行为.
재이왕품부효응연구적기출상,본연구인입중립방고개치작위삼조,재시간유도상탐토료품부효응적변화추세,병상시연신품부효응적정의.연구발현,수착매방옹유물품적시간연장,매매쌍방적고개정하강추세,매방적고개총시현저고우매방,단매매쌍방적고개지차불수매방옹유물품적시간연장발생변화;이중립방적고개위삼조,재교단적시간내매방적고개경향우이성,재교장적시간내매방적고개경향우이성;매방적고개재시간수평상상대우중립개격정체증성,이매방적고개상대우중립개격정체감성.인입중립방재탐토품부효응병몰유부정타적존재,이차능구경호지해석생활중적비이성행위.
@@@@In behavioral economics, the endowment effect refers to the phenomenon that people usually demand higher prices to relinquish an object they own than they would be willing to pay to acquire the object they did not own (Kahneman, Knetsch, & Thaler, 1990). For this phenomenon, dozens of studies have found the significant disparity between willingness to pay (WTA) and willingness to accept compensation (WTA), and this disparity is believed as an important reason to account for this effect. However, the WTA-WTP disparity cannot adequately interpret the endowment effect because sellers or buyers may be irrational traders. Therefore it is necessary to compare the endowment effect with the rational behavior. For this reason, in the present study we introduced the neutrals whose evaluation was regarded as reference price for reinterpreting endowment effect. @@@@In addition, one notable weakness of the previous researches in this domain is that the time period of the ownership is ignored. Although endowment effect can come from an instant valuation, the ownership in real life is dynamic and it may change with the time. Thereby, it is necessary to weigh the endowment effect on a dynamic time of change. @@@@Considering that, we inspected the changes of the WTA-WTP disparity in two continuous time periods including “past-present” and “present-future”. In this study, we posited that valuation of sellers or buyers was decreased both in the “past-present” and “present-future” time periods, whereas WTA-WTP disparity was unchanged. When the valuation of neutrals as reference price (market price, MP) was introduced, WTA-WTP disparity would be divided into two parts: WTA-MP and MP-WTP. We inferred that MP would decline into a range between WTA and WTP, and the variation tendency of WTA-MP would be different from MP-WTP in a given time period. A total of 674 undergraduates and 35 computer sellers participated in three experiments. In Experiment 1, the participants were randomly assigned to each of 12 scenarios: 3 roles (seller, buyer, and neutral) × 4 time periods from past to present (3 months, 6 months, 12 months, and 24 months). Participants were asked to fill in expected price for a bike after reading a description including its cost price and usage time. In Experiment 2, participants were randomly assigned to each of 8 scenarios: 2 roles (seller and buyer) × 4 time periods from present to future (3 months, 6 months, 12 months, and 24 months). Besides that, 35 computer sellers were specifically assigned to all of 4 time scenarios as the neutrals. They were asked to fill in expected price for a computer after reading a description including its cost price, usage time and configuration. @@@@The results revealed that: (1) in all three experiments, selling price was always higher than the buying price, and this gap (WTA-WTP) was even unchanged both in the “past-present” and “present-future” time periods. (2) When valuation of neutrals was introduced as reference price, selling price was closed to reference price in three months, and their gap (WTA-MP) gradually increased following the time prolonging of the ownership. Whereas buying price was closed to reference price in a long time period of two years, and their gap (MP-WTP) gradually decreased following the time prolonging of the ownership. @@@@To sum up, the present study showed that endowment effect in trade stably existed even in a long time period. Whereas the introduction of the neutrals, which take the endowment effect into a dynamic time course, could provide a new perspective for the contestable previous viewpoints.