The Effect of Initial Endowments in Experimental Auctions

We report the results of an experiment designed to test whether initial endowments affect value estimates elicited from experimental auctions. Comparing bids for one unit of a good, two units of a good, and a second unit of a good when endowed with the first unit, we find that willingness to pay for the second unit of a good is, on average, as much as 75% higher when endowed with the first unit. We go on to advance two theories that could potentially reconcile our results with neoclassical consumer theory.Endowment Effect, Experimental Auctions, Reciprocity, Top-Dog Effect

Initial State: Theory Status

I present a brief discussion of the different approaches to the study initial state effects in heavy ion collisions in view of the recent results from Pb+Pb and p+p collisions at the LHC.Comment: 8 pages, 6 figures. Contribution to the proceedings of the XXII International Conference on Ultrarelativistic Nucleus-Nucleus Collisions, QM2011. Annecy, France, 22-28 May 201