Molecular motor proteins, fueled by energy from ATP hydrolysis, move along actin filaments or microtubules, performing work in the cell. The kinesin microtubule motors transport vesicles or organelles, assemble bipolar spindles or depolymerize microtubules, functioning in basic cellular processes. The mechanism by which motor proteins convert energy from ATP hydrolysis into work is likely to differ in basic ways from man‐made machines. Several mechanical elements of the kinesin motors have now been tentatively identified, permitting researchers to begin to decipher the (...) mechanism of motor function. The force‐producing conformational changes of the motor and the means by which they are amplified are probably different for the plus‐ and minus‐end kinesin motors. BioEssays 25:1212–1219, 2003. © 2003 Wiley Periodicals, Inc. (shrink)

Journal of Human Values, Volume 28, Issue 1, Page 29-43, January 2022. The COVID-19 crisis has revealed a need for rethinking approaches to education and livelihoods. Education in its present dispensation does not provide equitable access to children from marginalized segments of the population. It also suffers from deficits in the areas of social and emotional skills, over-emphasis on the three Rs, language used as a medium of instruction, and excessive competition for scoring marks, among others. There is very low (...) uptake of vocational education. The National Education Policy 2020 tries to address some of these issues and plans on closer integration of vocational education with the school framework. High unemployment rates of educated youth, along with underemployment due to skill mismatch, show poor school-to-work transition and underscore the importance of TVET for youth in the future. Skill already exists in the economy in informal knowledge systems which are largely undocumented and thus not acknowledged in the formal system. These need to be combined with Western-centric knowledge systems so that the imbalance between formally educated/trained workers and informally trained workers is redressed. There is also a need to bring back the joy of learning, as Tagore’s experimentation with education has demonstrated. (shrink)

The cellular processes of transport, division and, possibly, early development all involve microtubule‐based motors. Recent work shows that, unexpectedly, many of these cellular functions are carried out by different types of kinesin and kinesin‐related motor proteins. The kinesin proteins are a large and rapidly growing family of microtubule‐motor proteins that share a 340‐amino‐acid motor domain. Phylogenetic analysis of the conserved motor domains groups the kinesin proteins into a number of subfamilies, the members of which exhibit a common molecular organization and (...) related functions. The kinesin proteins that belong to different subfamilies differ in their rates and polarity of movement along microtubules, and probably in the particles/organelles that they transport. The kinesins arose early in eukaryotic evolution and gene duplication has allowed functional specialization to occur, resulting in a surprisingly large number of different classes of these proteins adapted for intracellular transport of vesicles and organelles, and for assembly and force generation in the meiotic and mitotic spindles. (shrink)

A framework for understanding the complex movements of mitosis and meiosis has been provided by the recent discovery of microtubule motor proteins, required for the proper distribution of chromosomes or the structural integrity of the mitotic or meiotic spindle. Although overall features of mitosis and meiosis are often assumed to be similar in mechanism, it is now clear that they differ in several important aspects. These include spindle structure and assembly, and timing of chromosome segregation to opposite poles. Here we (...) review progress in the functional characterization of several newly identified microtubule motor proteins, emphasizing their possible roles in spindle structure and function. (shrink)

The endowment of religious, charitable, and educational enterprises by the establishment of trusts in land, the income from which could be devoted to such uses, was an immensely popular form of pious expression in both medieval Christendom and the Islamic world. The motives for, and applications of such endowments differed markedly, however, between the two religious cultures. The endowment of prayers and masses for beneficiaries, living and dead, exemplified the sacramental and sacerdotal quality of pre-Reformation Christianity. This ritualistic and (...) ecclesiastical use of endowments in Latin Christian Europe and the Orthodox East, a use dependent on the existence of a sacramental system and an institutional church, contrasted sharply with the broader application of the Muslim waqf, by means of which pious individuals and groups sponsored a wide variety of charities, explicitly life-oriented and quite unconnected with a corporate clerical establishment. The infinite multiplication of private acts of charity by devout Muslims manifested the moralistic bent of Islam, which aspired to recast society according to the norms of the Qur'an and sacred law. The contrasting uses to which the two religious systems put the gifts and legacies of the faithful reflected the operation of fundamentally different religious premises, whereas the institutionalization of these premises in a shared legal fiction, the trust, assured their enforcement in society and life. (shrink)

In the television show Deal or No Deal, a contestant is endowed with a sealed box containing a monetary prize between one cent and half a million euros. In the course of the show, the contestant is offered to exchange her box for another sealed box with the same distribution of possible monetary prizes inside. This offers a unique natural experiment for studying endowment effects under high monetary incentives. We find evidence of only a weak endowment effect when contestants exchange (...) their box for another box with the same distribution of possible prizes. (shrink)

The present study aimed to investigate three questions concerning Kahneman’s Endowment Effect. (a) Does the Endowment Effect apply to negotiations on intangible items such as intellectual resources and time invested in academic chores? (b) Does the sequence in which proposals are presented to the negotiators influence the Endowment Effect and, if so, how? (c) Does the Endowment Effect have the same impact in on-going negotiations as in one-shot negotiations? The investigation focused on the trade-off made by students between advanced courses (...) and seminars, which we term as Academic Chores Trade-Off (ACTO). The results indicated the existence of the Endowment Effect in negotiations on the above intangible items (ACTO) but could also be partially interpreted as reflecting the negotiators attempts to improve their positions. The results also supported the existence of a Sequence Effect combined with an intensification of the Endowment Effect. The Endowment Effect in on-going negotiations was not found to be significantly different from that in the one-shot format. (shrink)

This paper reflects on the problem of endowing Artificial Intelligence with legal subjectivity, especially with regard to civil law. It is necessary to reject the myth that the criteria of legal subjectivity are sentience and reason. Arguing that AI may have potential legal subjectivity based on an analogy to animals or juristic persons suggests the existence of a single hierarchy or sequence of entities, organized according to their degree of similarity to human beings; also, that the place of an entity (...) in this hierarchy determines the scope of subjectivity attributed to it. Rather, it is participation or presence in social life, whatever the role, that is the true criterion of subjectivity. In addition, it is clear that even if AI is not currently a significant participant in social life, it will be in the nearest future. Despite the potential dangers associated with endowing AI with some kind of subjectivity, such a course is inescapable, and should be considered sooner rather than later. (shrink)

The risky investment game of Gneezy and Potters :631–645, 1997) has been proposed as a simple tool to measure risk aversion in applied settings, especially attractive in settings where participants may have limited education. However, this game can produce a significant endowment effect, so that analysis of the behavior in this game should not be done in the Expected Utility Theory framework. The paper illustrates this point, by showing that risk tolerance can be much higher when the initial endowment concerns (...) a risky lottery. (shrink)

Can ownership status influence probability judgements under condition of uncertainty? In three experiments, we presented our participants with a recording of a real horse race. We endowed half of our sample with a wager on a single horse to win the race, and the other half with money to spend to acquire the same wager. Across three large studies, we found the endowment effect – owners demanded significantly more for the wager than buyers were willing to pay to acquire it. (...) However, we also found that probability estimates of each horse winning the race did not differ between owners and non-owners of the betting slip. Our results demonstrate that distorted perception of probability is unlikely to be a mechanism explaining the endowment effect. (shrink)

In his Système de la nature ou Essai sur les corps organisés, Pierre-Louis Moreau de Maupertuis, President of the Berlin Academy of Sciences and a natural philosopher with a strong interest in the modes of transmission of 'genetic' information, described living minima which he termed molecules, “endowed with desire, memory and intelligence.” Now, Maupertuis was a Leibnizian of sorts; his molecules possessed higher-level, 'mental' properties, recalling La Mettrie's statement in L'Homme-Machine, that Leibnizians have “rather spiritualized matter than materialized the soul.” (...) But Maupertuis also debated this issue with Diderot, who critiqued this theory in the additions to his 1753 Pensées sur l'interprétation de la nature. Where Maupertuis attributes higher-level properties to his living minima, Diderot argues that these can only be 'organizational', i.e., properties of the whole. At issue here is the degree of commitment to a form of materialism. (shrink)

Unlike the traditional earnings tax which is based on the individual’s actual income, the endowment tax is based on the individual’s maximum potential income. The endowment tax raises a frightful prospect: an individual taxed according to her potential income as, say, a corporate lawyer might be forced to give up her preferred occupation as a philosophy professor and to work as a corporate lawyer in order to pay her taxes. Although this seems to be an impermissible intrusion on freedom, the (...) challenge is to specify why the endowment tax is impermissible in a way that does not rule out all forms of taxation. After showing why the solutions put forward by John Rawls and by Liam Murphy and Thomas Nagel fail, I provide my own solution. I claim that the endowment tax is impermissible not because it forecloses more options but because of which options it forecloses. Thus, in order to explain the impermissibility of the endowment tax, we first need to distinguish the options to which individuals have a legitimate moral claim. I suggest one way of drawing this distinction by appealing to two principles widely embraced in the philosophical literature. If my argument is right, then the income tax as it is currently implemented is also morally impermissible. (shrink)

The study’s two aims are: to investigate whether groups, as compared to individuals, show a different degree of Endowment Effect during the negotiating of intangible assets, such as leisure time and to gain some insight into the underlying mechanism behind groups’ decision-making processes. A total of 138 graduate students were randomly assigned to 35 groups of 3 members each; and 33 were randomly labeled as “individuals.” The study simulated two scenarios in which the students, both individuals and groups, had to (...) decide what their demands from the university authorities were—once as “sellers” and another time as “buyers” in regard to their own leisure time. The findings indicate the presence of an Endowment Effect in both individuals and groups. However, groups significantly amplified the Endowment Effect in comparison to individuals. The mechanism which best explains why groups tend to amplify negotiating decisions was found to be the “Majority Rule,” but the “leader” also influences such amplification. (shrink)

Feminist legal scholars and health care lawyers have long engaged with law's responses to the female reproductive body, especially on what the legal regulation of women's reproductive lives can tell us about the broader relationship between law and gender. Acknowledging this work and building upon it, Endowed considers the interaction of law and ideas of male reproductivity. In particular, it seeks to uncover what these regulatory moments can tell us about contemporary ideas and ideals of masculinity and the male sexed (...) body. Spanning topics such as male circumcision and the regulation of state access to Viagra, the book uncovers recurring motifs that define masculinity and the male body in the legal imagination. In looking to these understandings the book engages with broader questions regarding the relationship between law and gender and between masculinity and social organization. (shrink)

A universal basic income (UBI) would be a guaranteed income floor for both the employed and the unemployed, from which economic theory predicts a gain in bargaining power and a disincentive to work. For high earners, the increase in taxes necessary to fund this program would decrease their motivation to earn. To assess these aspects, we conducted a lab-in-the-field experiment at a State Employment Service office in Spain. The unemployed participants received either an initial unconditional endowment, framed under the logic (...) of the solidarity condition of UBI (UBI treatment) – to examine the taxes’ effect – or as a participation fee (FEE) or no initial endowment (NONUBI). Subsequently, they faced one default randomized task from a set of four paid real-effort tasks. To study bargaining power, they could change the task up to three times and/or skip all tasks and conclude the experiment. In the FEE treatment, they yielded the highest earnings. While we did not find a statistically significant difference in earnings between the FEE and the NON-UBI treatments, the UBI differed from the NON-UBI and FEE. A likely reason could be a crowding-out of motivation by the pressure to reciprocate without believing in other participants’ deservingness of the UBI. In addition, the results reveal that females change tasks more frequently than males. (shrink)

The American and some other constitutions entrench property rights by requiring super majoritarian voting as a condition for amending or revoking their own provisions. Following Buchanan and Tullock [The Calculus of Consent, Logical Foundations of Constitutional Democracy (University of Michigan Press, Ann Arbor), 1962], this paper analyzes individuals' interests behind a veil of ignorance, and shows that under some standard assumptions, a (simple) majoritarian rule should be adopted. This result changes if one assumes that preferences are consistent with the behavioral (...) phenomenon known as the endowment effect. It then follows that (at least some) property rights are best defended by super majoritarian protection. The paper then shows that its theoretical results are consistent with a number of doctrines underlying American Constitutional Law. (shrink)

This article argues for a social proviso concerning capital endowments that is analogous to Locke's original proviso on access to productive natural capital.

In lieu of an abstract, here is a brief excerpt of the content:Forms of Life and Cultural EndowmentsVictor Peterson IIYou know, honey, us colored folk is branches without roots and that makes things come round in queer ways.—Zora Neale Hurston (Their Eyes Were Watching God 15)what does it mean when we speak of a form of life? When speaking of a form of life, we consider one different from others by way of its mode of expression, that is, by its (...) means of construction. This interpretation lends itself to a functional analysis of the material put to use and whose operations jointly express the concept we are after. Modes of expression can be plotted between a rhetorical and semantic axis (Gates 48). As such, "[t]he level of connotation of the visual sign, of its contextual reference and positioning in different discursive fields of meaning and association, is the point where already coded signs intersect with the deep semantic codes of a culture and take on additional more active ideological dimensions" (Hall 56). Coordinates within this domain encode signifying practices, revitalizing the traditional concept of signification as a function of what's signified with respect to a signifier. The content of a syntagm in this coordinate system, a point in this plane, indexes its function with respect to others. As such, we will conceive of the content of modes of expression functionally.A function is defined by pairing an element from a domain and another from a sub/co-domain whereby that pair is an element of that function. In this way, we can treat functions as abstract objects. If we treat a domain as what determines the availability of an expression, and a sub/co-domain as representative of its range of application, then the function of applying some proposition maps a movement from a domain of selection to one of composition, that is, its use with respect to others. The function of an expression, then, represents an operation over the possible worlds of its appropriate application (Taylor 201–02, 269, 276). This becomes more interesting when considering assertions whereby one subject is known to be the case for another, a concept that's modeled when a proposition from one is appearing in the object position of another (Fara 65–73). Resultingly, a proposal for an [End Page 26] ontology constituted by modes of interaction rather than identity stipulations to physical entities arises. It follows that if a form of life is understood by way of its mode of expression, then its content is expressed as an ensemble of the functions of its operations. Let this ensemble of functions be called an endowment.There is a pervasive debate in cultural studies that obsesses over proprietary notions as well as the ability to locate an origin. With that in mind, let us consider a coordinate system where there are two perpendicular axes, and we define positions within the space provided at the intersection of lines drawn from each. Each axis is represented by an ordered series of markers. A line drawn from each axis indicates that the coordinates indexed at their intersection is a function of these two markers. This locates an individual at a point in that domain, indexing a relation between the axes framing that space. Therefore, that coordinate-wise space, here a domain of possible expression, is not "empty" as pessimists would claim, but is filled with functional-content, albeit functions yet applied and marked by a point in that plane.Although we are currently speaking of two-dimensional space, the same follows for as many dimensions as we want. A point's location is a function of three values in three dimensions, four in four dimensions, and so on. Forms of life, then, will be comprised of four dimensions. This allows for a space-time conception, wherein joint expressions bend space-time and that space dictates those individuals' possible movements. From this, we construct a geometrical model of space-time represented as a cube composed of two-dimensional slices with these slices extending in a particular direction like cards stacked one on top of the other to model time.We want our conception of a form of life to be spatial. After all, it... (shrink)

In this article we aim to reconstruct some aspects of Davidson's idea of triangulation, and against this reconstruction, ask whether the idea is viciously circular. We begin by looking at the claim that without a triangularn setting, there is no saying what the cause of a being's responses is. In the first section we discuss the notion of relevant similarity, and what difference the presence of a second non‐linguistic being could make for the individuation of a common focus of attention. (...) In the second section we look at the role of a second person in language‐acquisition. It is important that being corrected to ‘go on as others do’ does not yet presuppose thought, and similarity standards can be applied to a learner's reactions even before she is aware of these standards. We also show why Davidson is not committed to any consensus view of correctness. In the last section we discern three charges of circularity that can be levelled against the idea of triangulation. We argue that Davidson can respond to the first two charges, and point to a way of answering the third. But the response we propound raises a new question, namely, why does the second being have to be a speaker or thinker even before the learner is aware of the three points of the triangle? (shrink)

In this article we aim to reconstruct some aspects of Davidson's idea of triangulation, and against this reconstruction, ask whether the idea is viciously circular. We begin by looking at the claim that without a triangularn setting, there is no saying what the cause of a being's responses is. In the first section we discuss the notion of relevant similarity, and what difference the presence of a second non‐linguistic being could make for the individuation of a common focus of attention. (...) In the second section we look at the role of a second person in language‐acquisition. It is important that being corrected to ‘go on as others do’ does not yet presuppose thought, and similarity standards can be applied to a learner's reactions even before she is aware of these standards. We also show why Davidson is not committed to any consensus view of correctness. In the last section we discern three charges of circularity that can be levelled against the idea of triangulation. We argue that Davidson can respond to the first two charges, and point to a way of answering the third. But the response we propound raises a new question, namely, why does the second being have to be a speaker or thinker even before the learner is aware of the three points of the triangle? (shrink)

Au iie siècle avant notre ère, Délos a vu se créer près de vingt-cinq fonds, par des hommes et des femmes, Déliens et étrangers, et, un cran plus haut dans la célébrité, par des rois hellénistiques ou leurs agents. Les chercheurs s’accordent à penser que ces fonds permettaient d’organiser des fêtes (surtout éponymes : Antigoneia, Eutycheia, Philonideia, Ptolemaieia, Stesileia, etc.), et se sont concentrés sur la motivation politique, sur les objectifs et les effets de la douzaine de cas royaux. Cet (...) article fait l’hypothèse que le grec des comptes déliens a été mal interprété ; les fonds ne finançaient pas des fêtes éponymes en soi, mais la récurrence modeste de rituels qui étaient établis à l’occasion d’événements familiaux importants, comme les mariages et les décès ; ce phénomène délien particulier a davantage à dire sur la véritable piété que sur la grande politique, et il offre davantage de points communs avec le culte familial hellénistique qu’avec la culture des fêtes. (shrink)

In the history of ideas, innumerable attempts to explain life and to define living activities have invoked the notion of the soul. Yet this theoretical entity seems to be an unfathomable thing. Difficulties beset the mere definition of it, and controversies span from whether the soul is a material body or an immaterial form, an immortal or a mortal thing, a subject of experiential or of theoretical knowledge, to the question of whether it is the subject of a specific discipline (...) or rather of a scientia de anima that, in the Aristotelian tradition, was also regarded as a part of natural philosophy—the field of philosophy that deals with natural particulars. Not only was the soul thought, from a theological angle, to define the unity and unicity of living beings, but it was also seen as the source of several bodily activities such as nutrition and growth in living beings. And since some of the beings that grow and nourish themselves also sense and think, the relation of the origin of vegetative powers to the origin of perceptual and intellectual powers has always been an object of debate. In this sense, the soul has not just been a topic of one specific field, but has rather drawn upon many disciplines, combining the work of philosophers, religious thinkers, physicians, naturalists, chymists, and so on, thereby blurring the boundaries between different fields of knowledge. Botanical treatises of the Renaissance, for example, begin with the definition of the soul of plants and its primary role in bringing forth vegetal activities. Indeed, the presence of the soul was thought to be involved also in the life of animals, human beings, and, in some cases, it was even ascribed to minerals and stones, not to speak of the world-soul, the latent idea that the entire cosmos is animated with a soul. Furthermore, the theory of the materiality of the soul was developed since Antiquity and found new momentum in early modern times, in the reappraisal of Epicurean ideas by thinkers such as Guillaume Lamy, Pierre Gassendi, and Julian Offray de La Mettrie. Yet, with the Cartesian Henricus Regius, the understanding of vegetative, sensitive, and rational souls as material importantly surfaces as a peculiar attempt to mechanize the living functions of bodies. (shrink)

This chapter examines two different views of universal grammar. Most linguists assume that universal grammar is underspecified — providing us with an incomplete grammar to be elaborated by learning. But the alternative is that it is overspecified — providing us with a full range of possible grammars from which we select one on the basis of environmental input. Underspecification is now the dominant view in the developmental sciences, and is often treated as the null hypothesis on grounds of greater possibility, (...) parsimony, and simplicity. The chapter questions whether the underspecification view is really feasible and whether it is more parsimonious than the overspecification view, drawing on examples from certain African languages. It also shows that the perplexity evoked by overspecification theories disappears if language has a concealing purpose as well as a communicating purpose, similar to a code. (shrink)

: A survey of arguments made by fiscal conservatives who wish to eliminate federal funding of the National Endowment for the Arts (NEA) is given and a critique of them stemming from Danto's argument for art for our sake. Following Hegel's lead, Danto shows us that there is an intimate relationship that exists between nations and their art—that is, that art is central to the political health of a nation. The arguments by conservatives are found wanting and pose no threat (...) to the welfare of the NEA. (shrink)

In this article we aim to reconstruct some aspects of Davidson's idea of triangulation, and against this reconstruction, ask whether the idea is viciously circular. We begin by looking at the claim that without a triangularn setting, there is no saying what the cause of a being's responses is. In the first section we discuss the notion of relevant similarity, and what difference the presence of a second non‐linguistic being could make for the individuation of a common focus of attention. (...) In the second section we look at the role of a second person in language‐acquisition. It is important that being corrected to ‘go on as others do’ does not yet presuppose thought, and similarity standards can be applied to a learner's reactions even before she is aware of these standards. We also show why Davidson is not committed to any consensus view of correctness. In the last section we discern three charges of circularity that can be levelled against the idea of triangulation. We argue that Davidson can respond to the first two charges, and point to a way of answering the third. But the response we propound raises a new question, namely, why does the second being have to be a speaker or thinker even before the learner is aware of the three points of the triangle? (shrink)

Is a government required or permitted to redistribute the gains and losses that differences in biol ogical endowments generate In particular, does the fact that individuals possess different biological endowments lead to unfair advantages within a market economy? These are questions on which so me people are apt to have strong intuitions and ready arguments. Egalitarians may say yes and argu e that as unearned, undeserved advantages and disadvantages, biological endowments are never fai r, and that the (...) market simply exacerbates these inequities.1 Libertarians may say no, holding that th e possession of such endowments deprives no one of an entitlement and that any system but a mark et would deprive agents of the rights to their endowments.2 Biological endowments may well lead t o advantages or disadvantages on their view, but not to unfair ones. (shrink)

Nelson, Russ Paul's letter to the Romans highlights the significance of volunteers to the mission of Jesus in the church. Acts 18 introduces a married couple, Priscilla and Aquila, late of Rome and now of Corinth. Initially they house and employ Paul, thereby giving voluntary service to Paul. Priscilla and Aquila's generosity remains a feature of contemporary Catholicism, clearly identifiable in the parishes. As an everyday part of church life, volunteering is worthy of recognition and nurture. Contemporary ministers might reflect (...) on the development of Priscilla and Aquila as volunteers as first mentioned in the Acts of the Apostles. Perhaps these two lay people were instructed by Paul around the meal table during the eighteen months they were together. Priscilla and Aquila provide an example of volunteering and the focus of this paper is on the formation of volunteers. (shrink)

This article will probe into Kant’s viewpoints about parent-child relationship so as to demonstrate that they are inspiring on the one hand—for example on dealing with the relationship as that pertinent to the thing in itself, but on the other hand, there are many flaws. His strategy on avoiding the difficulty of creating by man a being endowed with freedom depends merely on an one-sided comprehension of time, because according to Kant himself, there is a difference as to the time (...) between sensual forms of intuition and expressive form of transcendental imagination. In the Critique of Pure Reason, Kant gives a profound enunciation with respect to the two and the latter is related to free causality and categorical imperative in his moral philosophy. Once it refers to the rights of a being endowed with freedom and the time it requires to maintain them, it is problematic to assert that the creation of such beings is not concerned with, in any sense whatsoever, time and the sensual, mortal body. What is more, Kant failed to take into full consideration that parents are also beings endowed with freedom whose rights to the child are not totally dependent on the latter’s inherent rights but on their own inherent basis. Granting parents too few natural rights, Kant on the other hand allocates them too much obligations in that the parent-child relation is unbalanced in his field of view. Thirdly, he gives no consideration as to whether or not the empirical process of rearing children itself can also create some rights, which nevertheless, should be taken into account when temporal elements can be found from the very original parent-child relationship. (shrink)

In this paper, Knetsch's exchange paradigm is analyzed from the perspective of pragmatics and social norms. In this paradigm the participant, at the beginning of the experiment, receives an object from the experimenter and at the end, the same experimenter offers to exchange the received object for an equivalent object. The observed refusal to exchange is called the endowment effect. We argue that this effect comes from an implicature made by the participant about the experimenter's own expectations. The participant perceives (...) the received item as a gift, or as a present, from the experimenter that cannot be exchanged as stipulated by the social norms of western politeness common to both the experimenter and the participant. This implicature, however, should not be produced by participants from Kanak culture for whom the perceived gift of a good will be interpreted as a first act of exchange based on gift and counter-gift. This exchange is a natural, frequent, balanced, and indispensable act for all Kanak social bonds whether private or public. Kanak people also know the French social norms that they apply in their interactions with French people living in New Caledonia. In our experiment, we show that when the exchange paradigm takes place in a French context, with a French experimenter and in French, the Kanak participant is subject to the endowment effect in the same way as a French participant. On the other hand, when the paradigm is carried out in a Kanak context, with a Kanak experimenter and in the vernacular language, or in a Kanak context that approaches the ceremonial of the custom, the endowment effect is no longer observed. The same number of Kanak participants accept or refuse to exchange the endowed item. These results, in addition to providing a new explanation for the endowment effect, highlight the great flexibility of decisions according to social-cultural context. (shrink)

Using PitchBook’s private equity database of 4548 PE funds from 42 countries for the 2000 to 2012 period, we find that higher reporting frequency is associated with lower information asymmetry in performance reports from general partners to limited partners. We also find that endowments are systematically associated with less reported unrealized returns as a percentage of total returns generated from GPs. Moreover, endowments receive more performance reports from their PE funds, implying more stringent governance. These findings persist after (...) controlling for various institutional and GP characteristics and are robust to several adjustments for endogeneity concerns. This study also contributes to the finance, accounting, and business ethics literature on financial reporting quality. (shrink)

This paper presents a very simple model in which situational cues associated with a particular consumption good compel an agent—who may have otherwise been “thinking about” something else—to consider the decision to consume that good. Within this framework, it is shown how an endowment effect and a present bias can arise through a common mechanism. The analysis points to a novel, contributing role for inattention in understanding both of these behavioral anomalies while also speaking to evidence that they are often (...) cue-induced. (shrink)