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| Author: | Borges, B. Knetsch, J. |
| Title: | Tests of market outcomes with asymmetric valuations of gains and losses: smaller gains, fewer trades, and less value |
| Journal: | Journal of Economic Behavior and Organization
1998 : JAN, VOL. 33:2, p. 185-194 |
| Index terms: | ECONOMIC BEHAVIOUR ORGANIZATION LOSS |
| Language: | eng |
| Abstract: | The pervasive finding that individuals value losses more than gains, suggests that actual gains from trade and numbers of market exchanges may well be much smaller than would be the case if people's buying and selling prices were equivalent , as normally assumed. The results of two sets of costless market simulations, using actual gain and loss valuations, show that the actual gains from exchange and trade volumes are less than half of those expected with conventional assumptions. |
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