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Legal Policy and the Endowment Effect

Welfare economists have generally assumed that the maximum price a person is willing to pay for some entitlement (WP) and the minimum price that a person who already had this entitlement would be willing to accept in exchange (WA) are approximately equal, with WP being only slightly less than WA.' The small difference was believed to result from the income effects that a change of position might have on one's preferences.2 To view it another way, when one is considering WP and WA in terms of money, the fact that for most people money has declining marginal utility tends to make WA slightly larger than WP. Someone will generally be willing to pay less to have something than he would accept as compensation for giving up the same thing because the dollars in the first transac-