endowment effect

The Talmud and the Endowment Effect

The endowment effect is one of the most important aspects of behavioral economics.  It postulates that losing something is worse than gaining something is good.  One can easily see it applied to various aspects of property law: it is worse to lose a piece of property that you think is yours than to gain a …


Why Did Mono Lake Become a Cause Celebre?

Why did saving Mono Lake become such a potent political issue during the late 1970’s and early 1980’s?  For a book I am currently writing on the case, that is a critical question. After all, hundreds of groups — hundreds of environmental groups — seek media oxygen for their cases all the time.  Both nationwide …