SportsCards: Endowment Effect for Sports Cards

Description

Trading sports cards: Does ownership increase the value of goods to consumers?

Usage

data("SportsCards")

Arguments

Format

A data frame containing 148 observations on 9 variables.

good: factor. Was the individual given good A or B (see below)?
dealer: factor. Was the individual a dealer?
permonth: number of trades per month reported by the individual.
years: number of years that the individual has been trading.
income: factor indicating income group (in 1000 USD).
gender: factor indicating gender.
education: factor indicating highest level of education (8th grade or less, high school, 2-year college, other post-high school, 4-year college or graduate school).
age: age in years.
trade: factor. Did the individual trade the good he was given for the other good?

Details

SportsCards contains data from 148 randomly selected traders who attended a trading card show in Orlando, Florida, in 1998. Traders were randomly given one of two sports collectables, say good A or good B, that had approximately equal market value. Those receiving good A were then given the option of trading good A for good B with the experimenter; those receiving good B were given the option of trading good B for good A with the experimenter. Good A was a ticket stub from the game that Cal Ripken Jr. set the record for consecutive games played, and Good B was a souvenir from the game that Nolan Ryan won his 300th game.

References

List, J.A. (2003). Does Market Experience Eliminate Market Anomalies? Quarterly Journal of Economcis, 118, 41--71.

Stock, J.H. and Watson, M.W. (2007). Introduction to Econometrics, 2nd ed. Boston: Addison Wesley.

Examples

Run this code

# NOT RUN {
data("SportsCards")
summary(SportsCards)

plot(trade ~ permonth, data = SportsCards,
  ylevels = 2:1, breaks = c(0, 5, 10, 20, 30, 70))
plot(trade ~ years, data = SportsCards,
  ylevels = 2:1, breaks = c(0, 5, 10, 20, 60))
# }

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