The Endowment Effect
The endowment effect is the tendency for people to value items they own more highly than identical items they do not own. In simpler terms, once you own something, it often seems more valuable to you than to someone else who doesn't own it.
It's closely linked to loss aversion, meaning people would rather avoid losing something they have than gain
... See moreOnce a person owns something, that thing becomes more valuable to the person than it was before they owned it. This is called the endowment effect
Chris Goward • You Should Test That: Conversion Optimization for More Leads, Sales and Profit or The Art and Science of Optimized Marketing
When we own something, we value it more highly than an identical item that we do not own. Richard Thaler was the first to name this cognitive illusion, calling it the endowment effect.