The Endowment Effect
Research indicates that when you own a thing, it becomes more attractive, valuable, and of better quality to you. Psychologists call this a “mere ownership effect,” and economists call it an "endowment effect.” Whatever the label, the effect is simple and very robust. In monetary terms, owned things are more than twice as valuable as identical
... See moreEndowment effect
Valuing an object more, only because you possess it.
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We are emotionally attached to things that we own. It makes sense: There’s an emotional investment in having made the decision, in shifting or cementing your identify as “a person who would have this object,” and how you believe that ownership will be perceived by others.... See more
Valuing an object more, only because you possess it.
source
We are emotionally attached to things that we own. It makes sense: There’s an emotional investment in having made the decision, in shifting or cementing your identify as “a person who would have this object,” and how you believe that ownership will be perceived by others.... See more
Jason Cohen • The Serengeti Plain Fallacy: Fallacies that aren't fallacies
This is because of something called “the endowment effect,” our tendency to undervalue things that aren’t ours and to overvalue things because we already own them.