Editing Endowment effect (section)

==Examples==
One of the most famous examples of the endowment effect in the literature is from a study by [[Daniel Kahneman]], Jack Knetsch & [[Richard Thaler]],<ref name="KahnemanKnetschThaler"/> in which [[Cornell University]] undergraduates were given a mug and then offered the chance to sell it or trade it for an equally valued alternative (pens). They found that the amount participants required as compensation for the mug once their ownership of the mug had been established ("willingness to accept") was approximately twice as high as the amount they were willing to pay to acquire the mug ("willingness to pay").

Other examples of the endowment effect include work by [[Ziv Carmon]] and [[Dan Ariely]],<ref name="Carmon" /> who found that participants' hypothetical selling price ([[willingness to accept]] or WTA) for NCAA final four tournament tickets were 14 times higher than their hypothetical buying price ([[willingness to pay]] or WTP). Also, work by Hossain and List (Working Paper) discussed in the Economist in 2010,<ref name="Carrots" /> showed that workers worked harder to maintain ownership of a provisionally awarded bonus than they did for a bonus framed as a potential yet-to-be-awarded gain. In addition to these examples, the endowment effect has been observed using different goods<ref name="Hoffman" /> in a wide range of different populations, including children,<ref name="Harbaugh" /> great apes,<ref name="Kanngiesser" /> and new world monkeys.<ref name="Lakshminaryanan" />