Endowment Effect in negotiations: group versus individual decision-making

Does the Endowment Effect Justify Legal Intervention? The Debiasing Effect of Institutions

“…Galin (2013) and Blumenthal (2012) report a pronounced endowment effect when subjects were asked to discuss a trade before making a sales decision. We show that voting debiases when people share responsibility for the decision.…”

Crafting an Experience‐Based Master's Program in Systems Engineering

“…Cohort members are expected to perform in team settings to refine their own leadership and followership styles. Galin (Galin 2013) describes the value of social structures and the Endowment Effect on groups' ability to make timely choices. In ASE 6001, the team-oriented learning is balanced against individual fundamental mastery goals.…”

Two decades of business negotiation research: an overview and suggestions for future studies

“…Yet other studies compare performance of negotiating teams with performance of individual negotiators (Galin, 2013; Schei et al , 2008; Polzer, 1996; Thompson et al , 1996; Peterson and Thompson, 1997; Bright and Parkin, 1998). Polzer (1996) suggests that when teams were present, competitiveness increased and cooperation and trust decreased, and when teams negotiated with individuals, teams performed best.…”

“…They also note that smaller teams are more effective, three-four members being ideal. A comparison conducted by Galin (2013) did not focus on the actual performance of individuals and teams but the presence of the “endowment effect” (ownership of an object increases its value) in teams and in settings with individual negotiators. Schei et al (2008) investigated whether individualistic orientations were collectively valuable in team negotiations and found that cooperative groups were more satisfied with their negotiations but achieved lower joint sums, thereby challenging the dominant view that individualistic orientations are detrimental to groups’ outcomes and processes.…”