In the television show Deal or No Deal a contestant is endowed with a sealed box\udcontaining a monetary prize between one cent and half a million euros. In the course of\udthe show the contestant is offered to exchange her box for another sealed box with the\udsame distribution of possible monetary prizes inside. This offers a unique natural\udexperiment for studying endowment effects under high monetary incentives. We find\udonly weak endowment effects when contestants exchange their box for another box with\udthe same distribution of possible prizes.
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