http://repub.eur.nl/res/concept/jel-D49/ Recent publications classified by JEL Code D49 en http://repub.eur.nl/static-eur/img/logo.png http://repub.eur.nl http://repub.eur.nl/res/pub/12219/ 1998-08-01T00:00:00Z In the present article we argue that the extent to which potential traders are susceptible to the endowment effect, is related to the comparability of the to be traded goods. This hypothesis was tested in an experimental market in which participants endowed with a bottle of wine were offered the opportunity to trade their wine for another wine. Results of our study support the hypothesis, and corroborate the generalization that the endowment effect is a manifestation of loss aversion. Dijk, E. van Knippenberg, D.L. van http://repub.eur.nl/res/pub/12233/ 1996-08-01T00:00:00Z An experimental market was used to investigate whether exchange goods may be susceptible to the endowment effect. Previous research (Kahneman et al., 1990) suggested that the endowment effect will not be observed in exchange goods. The present study demonstrates that it may be observed, but only when traders are uncertain about future exchange prices. It is argued that this is a manifestation of loss aversion due to the difficulty of computing the net gains and losses of trade when exchange rates are uncertain. Dijk, E. van Knippenberg, D.L. van