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.

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.

The endowment effect is a cognitive bias that causes people to overvalue an item simply because they own it, regardless of its objective value. In other words, individuals tend to be much more attached to items they believe they own than they are to similar objects they do not possess. This is a potent psychological trick that brands deploy on all