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J Pers Soc Psychol. 2000 Jul;79(1):66-76.

Egocentric empathy gaps between owners and buyers: misperceptions of the endowment effect.

Author information

1
Department of Psychology, Cornell University, USA. vanboven@commerce.ubc.ca

Abstract

In 5 studies, the authors examined people's perceptions of the endowment effect, or the tendency to value an object more once one owns it. In the 1st 2 studies, the authors documented egocentric empathy gaps between owners and buyers regarding the endowment effect: Both owners and buyers overestimated the similarity between their own valuation of a commodity and the valuation of people in the other role. The next 2 studies showed that these empathy gaps may lead to reduced earnings in a market setting. The final study showed that egocentric empathy gaps stem partly from people's misprediction of what their own valuation would be if they were in the other role.

PMID:
10909878
[Indexed for MEDLINE]

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