Editing Endowment effect (section)

===Evolutionary arguments===
Huck, Kirchsteiger & Oechssler (2005)<ref name="Huck"/> have raised the hypothesis that natural selection may favor individuals whose preferences embody an endowment effect given that it may improve one's bargaining position in bilateral trades. Thus in a small tribal society with a few alternative sellers (i.e. where the buyer may not have the option of moving to an alternative seller), having a predisposition towards embodying the endowment effect may be evolutionarily beneficial. This may be linked with findings (Shogren, et al., 1994<ref name="Shogren"/>) that suggest the endowment effect is less strong when the relatively artificial sense of scarcity induced in experimental settings is lessened. Countervailing evidence for an evolutionary account is provided by studies showing that the endowment effect is moderated by exposure to modern exchange markets (e.g., hunter gatherer tribes with market exposure are more likely to exhibit the endowment effect than tribes that do not),<ref>{{Cite journal |title=Evolutionary Origins of the Endowment Effect: Evidence from Hunter-Gatherers |date=2014 |url=https://dash.harvard.edu/bitstream/1/33839947/1/aer.104.6.1793.pdf |journal=American Economic Review |pages=1793–1805 |volume=104 |issue=6 |doi=10.1257/aer.104.6.1793 |first1=Coren L. |last1=Apicella |first2=Eduardo M. |last2=Azevedo |first3=Nicholas A. |last3=Christakis |first4=James H. |last4=Fowler}}</ref> and that the endowment effect is moderated by culture (Maddux et al., 2010<ref name="Maddux"/>).