中文摘要：

以禀赋效应理论为研究基础，通过两个情景实验对产品更换过程中买卖双方的决策心理进行了研究。实验1表明，在以旧换新活动中新产品的买方对旧产品的价格有高估的倾向，对新产品的价格有低估的倾向；相反，新产品的卖方对旧产品的价格有低估的倾向，而对于新产品的价格有高估的倾向，这说明产品更换决策中存在着双重的禀赋效应。实验2表明，新产品的买方对旧产品的属性评价显著高于新产品的卖方，对新产品的属性评价显著低于新产品的卖方，说明属性评价也存在禀赋效应的特征。双重禀赋效应的存在从消费者行为的角度解释了为什么消费者会出现创新抵制行为。

英文摘要：

Endowment effect theory postulates that there is a gap between the prices which a buyer is willing to pay for and a seller would ask for. Consequently, the compensation that people ask for during product replacement usually exceeds the price one would like to offer. In this study, we attempted to investigate the behaviors of sel- lers and buyers during the process of product replacement. In two trade-in experiments, we tested＇ the hypothesis that a buyer of a new product would overvalue the product that he owns and undervalue the new product, while a seller of a new product would undervalue the incumbent product and overvalue the new product. Similarly, buyers of a new product would overvalues the in- cumbent product and undervalues the new product, hence the double-endowment effects during the process of product replacement. Two hundred and forty one college students participated in the Experiment 1. The participants were randomly assigned to each of the following 6 scenarios （3 by 2）： role （3）： buyer seller and control; product （2）： incumbent and new product. They were asked to fill in appropriate prices for an old product and a new product after a description of the trade-ins. In Experiment 2, one hundred and twenty college students were recruited and randomly assigned to one of the following 4 scenarios （2 by 2）： role （2）： buyer and seller; product （2）： incumbent and new product. They were asked to rate the product using with the same methods as experiment one. The study showed that endowment effect not only existed in buyers but in sellers, indicating double endowment effects exert significant influence on new product replacement decisions. The results also revealed a gap between the subjective value of incumbent and new products from buyers and sellers, which could partially explain consumers＇ resistance to innovation. Current findings imply that successful launch of a new product is largely decided by consumers＇ mental cost of losing the incumbent product. There