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Ownership, Learning, and Beliefs*
The Quarterly Journal of Economics ( IF 13.7 ) Pub Date : 2021-04-13 , DOI: 10.1093/qje/qjab010
Samuel M Hartzmark 1 , Samuel D Hirshman 2 , Alex Imas 3
Affiliation  

Abstract
We examine how owning a good affects learning and beliefs about its quality. We show that people have more extreme reactions to information about a good they own compared with the same information about a nonowned good: ownership causes more optimistic beliefs after receiving a positive signal and more pessimistic beliefs after receiving a negative signal. Comparing learning to normative benchmarks reveals that people overextrapolate from signals about goods they own, which leads to an overreaction to information; in contrast, learning is close to Bayesian for nonowned goods. We provide direct evidence that this effect is driven by ownership channeling greater attention toward associated information, which leads people to overweight recent signals when forming beliefs. The relationship between ownership and beliefs has testable implications for trade and market expectations. In line with these predictions, we show that the endowment effect doubles in response to positive information and disappears with negative information, and demonstrate a significant relationship between ownership and overextrapolation in survey data about stock market expectations.


中文翻译:

所有权、学习和信念*

摘要
我们研究了拥有一件商品如何影响对其质量的学习和信念。我们表明,与非拥有商品的相同信息相比,人们对他们拥有的商品的信息有更极端的反应:所有权在收到积极信号后会导致更乐观的信念,而在收到消极信号后会导致更悲观的信念。将学习与规范基准进行比较表明,人们过度推断他们拥有的商品的信号,从而导致对信息的过度反应;相比之下,对于非拥有商品,学习接近贝叶斯。我们提供了直接的证据,表明这种影响是由所有权将更多注意力引导到相关信息所驱动的,这导致人们在形成信念时过度重视最近的信号。所有权和信念之间的关系对贸易和市场预期具有可检验的影响。与这些预测一致,我们表明禀赋效应在响应正面信息时加倍并随着负面信息而消失,并在有关股市预期的调查数据中证明所有权与过度外推之间存在显着关系。
更新日期:2021-04-13
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