In behavioral economics, the endowment effect refers to the fact that
A) most people believe that most wealthy people inherit their wealth.
B) many people would be indifferent between being endowed with money or knowledge.
C) many people place a higher value on what they own than the same item they are considering purchasing.
D) most people respond to tax incentives to provide an endowment for their children.
Question 2
When a bargaining solution is reached
A) each player receives a net surplus greater than or equal to zero.
B) we have a Nash equilibrium.
C) the sum of the net surpluses is the Nash product.
D) Both A and C.
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