英语翻译
Asecondpredictionofprospecttheory,knownas“lossaversion”,isthatindividualswillexhibitastrongerpreferenceforavoidingsomethingtheyperceivetobea“loss”thanforachievingsomethingthatappearstobea”gain”oftheequivalentmagnitude.Aconsequenceoflossaversionisthatindividualswillusuallyprefertokeepanitemtheypossess(andthusavoida“loss”)ratherthantradethatitemforoneofobjectivelyidenticalvalue(andthusachieveagain).Thisconsequence,knownasthe“statusquobias”orthe“endowmenteffect”,suggeststhat,holdconstantdifferencesinpreferencesbetweentwonegotiators,thenegotiatorwhopossessespropertyoralegalentitlement(theseller)islikelytohavehigherreservationpricethananegotiatorwhodoesnotpossesstheproperyorentitlement(thebuyer).Putanotherway,allotherthingsbeingequal,anindiviualislikelytoexhibitahigherreservationpriceforanitemifownsitthanifshedosenotownit.Astheexperimentsdescribedinthefollowingarticledemonstrate.theresultofthisphenomenoissmallerbargainingzonesandfewersuccessfultransactionsthanrationaleconomicswouldpredict.
