Does Market Experience Eliminate Market Anomalies?*

List, John A. 2003. “Does Market Experience Eliminate Market Anomalies?” Quarterly Journal of Economics 118 (1): 41–71.

==notes by yinung==


First, consistent with previous studies, I observe a significant endowment effect in the pooled data.

Second, I find sharp evidence that suggests market experience matters: across all consumer types, marketlike experience and the magnitude of the endowment effect are inversely related.

In addition, within the group of subjects who have intense trading experience (dealers and experienced
nondealers), I find that the endowment effect becomes negligible. Both of these observations extend quite well to statements of value in auctions, where offers and bids are significantly different for naive consumers, but statistically indistinguishable for experienced consumers.

===無母數統計: Fisher exact test===

R 的 vcd package 可以進行此檢定, see

==Original Abstract==

This study examines individual behavior in two well-functioning marketplaces to investigate whether market experience eliminates the endowment effect. Field evidence from both markets suggests that individual behavior converges to the neoclassical prediction as market experience increases. In an experimental test of whether these observations are due to treatment (market experience) or selection (e.g., static preferences), I find that market experience plays a significant role in eliminating the endowment effect. I also find that these results are robust to institutional change and extend beyond the two marketplaces studied. Overall, this study provides strong evidence that market experience eliminates an important market anomaly.


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