ProspectTheory概述.ppt

An experiment about endowment effectVernon Smith’s version a limited number of tokens(代币) are distributed to half of the participants in a “market.”(half participants are sellers, the other half are buyers) Any participants who own a token at the end the experiment can redeem it for cash. The redemption values differ for different individuals, to represent the fact that the goods traded in markets are more valuable to some people than to others. The same token may be worth $10 to you and $20 to me, and an exchange at any price between these values will be advantageous to both of us An experiment about endowment effectVernon Smith’s version-control group Individuals would make successive public offers to buy or sell a token； and others would respond publicly to the offer； Everyone watches these exchanges and sees the price at which the tokens change hands. What will be the results? Results those who own a token that is of little value to them (because their redemption values are low) end up selling their token at a profit to someone who values it more. When trading ends, the tokens are in the hands of those who can get the most money for them from the experimenter. The magic of the markets has worked! Furthermore, economic theory correctly predicts both the final price at which the market will settle and the number of tokens that will change hands. If half the participants in the market were randomly assigned tokens, the theory predicts that half of the tokens will change hands. Results An experiment about endowment effect Control Group-tokens Treatment Group 1-an attractive coffee mug, decorated with the university insignia of wherever we were conducting the experiments (about $6) Treatment Group 2-Choosers could receive either a mug or a sum of money, and they indicated the amount of money that was as desirable as receiving the good. Mugs were distributed randomly to half the participants. The Sellers had their mug