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%T The endowment effect in the general population %A Fehr, Dietmar %A Kübler, Dorothea %P 16, 14 %V SP II 2022-204 %D 2022 %K SOEP; exchange asymmetry; fieldexperiment; loss aversion; reference-dependent preferences %~ WZB %X We study the endowment effect and expectation-based reference points in the field leveraging the setup of the Socio-Economic Panel. Households receive a small item for taking part in the panel, and we randomly assign respondents either a towel or a notebook, which they can exchange at the end of the interview. We observe a trading rate of 32 percent, consistent with an endowment effect, but no relationship with loss aversion. Manipulating expectations of the exchange opportunity, we find no support for expectation-based reference points. However, trading predicts residential mobility and is related to stock-market participation, i.e., economic decisions that entail parting with existing resources. %C DEU %C Berlin %G en %9 Arbeitspapier %W GESIS - http://www.gesis.org %~ SSOAR - http://www.ssoar.info