The Influence Factors Of Endowment Effect In Rural Land Circulation And It's Generational Differences

The existing research about the delayed development of rural farmland transfer market in C hina always assume that the market is a rational market,so that ignore the behavior and psychology factors between farmers and land in C hinese special situation.This article based on the front theory of behavioral economics--endowment effect,concluded and carded the influence factors of endowment effect in general goods trading,and then applied to the trade situation of farmland circulation in our country,built a theory analysis framework about endowment effect influence factors in the farmland circulation,thus enrich and expand the theoretical perspectives analysis rural land circulation problems.Then used questionnaire data got from farmers in Guangdong,analyzed the influence factors of farmers' endowment effect in farmland circulation by logistics regression,compared the differences in farmers' endowment effect and its influence factors between two generations of farmers.The main research conclusions are as follows:(1)The farmer's endowment effect in farmland circulation is caused by the relationship between farmers and land,including dependency and right relationship.And the dependency relationship also including objective and emotional dependency.The dependency relationship between farmers and land determines how much objective support farmers will loss and how much pain farmers will get when separating from their land,thus affecting the farmers loss aversion and endowment effect.There are two different research results about how right relationship influences the endowment effect,needs empirical research to verify.Further,the objective and emotional dependency relationship,the right relationship different according to different farmers,then influence the existence and strength of their endowment effect.(2)This article based on theoretical analysis framework,used the questionnaire survey data and mediation model and Logistic model,verified the influence the dependency and right relationship brought to framers' endowment effect in land circulation and its general differences.The results showed that: emotional dependency dimension in dependency relationship influence endowment effect greater than objective dependency dimension do,and objective dependency dimension can have partial intermediary effect on endowment effect through emotional dependency dimension;land approval will inhibit the existence of the endowment effect.For general differences,new generation's endowment effect exists in a low probability,shows that endowment effect is weakening as new generation is replacing old generation farmers.In terms of influencing factors,generational differences also exist.Three indicators of emotional dimension,land security indicator of objective dimension have a positive effect on the existence of old generation farmers' endowment effect.But all the indicators of these two dimensions have no effect on new generation farmers'.Land approval indicator has no effect on old generation farmers' endowment effect,but have negative effect on new generation farmers' endowment effect.The policy suggestions according to the results are: First,emotional dependency relationship is an important source of endowment effect,so must pay attention to the farmers' social psychology problems in farmland circulation and its induced behavior;improve farmers' soil security level and prefect the rural soil security system is the best way to reduce objective dependency,then land security can be reduced.Second,land approval can improve the development of farmland circulation market.But,only land rights be perceived by farmers,can it influence the existence of farmers' endowment effect.So,the government should strengthen propaganda work of land approval.Third,the endowment effect is weakening as new generation is replacing old generation farmers.That is to say,the endowment effect is a short time factor blocking farmland circulation market.And to reduce the inhibition e ffect of endowment effect has done to farmland circulation,we should take different intervention measures according to different generation farmers.