The endowment effect is particularly strong if the thing you own you also built. This is known as the IKEA effect, for obvious reasons. Most furniture you buy from IKEA, you have to put together yourself. We’ll value that nightstand that we built much more than an identical one that was preassembled.

Whoever controls the research wins. 2. The smaller the account, the larger the committee. 3. The acquirer is always dumber than the acquiree. 4. The dumbest person in your agency will someday be your client. 5. The hotter the climate, the colder the meeting room.

If we have high expectations for an experience, regardless of the source of these expectations, we will value it highly and be willing to pay a premium for it. If we expect less, we’ll value it less and be willing to pay less.