Endowment Effect: Why people value what they currently have
Idea to Value
JUNE 30, 2023
Have you ever wanted to buy something, but the person selling wanted more than you thought it was worth? That person might have been suffering from the Endowment Effect. The Endowment Effect is a cognitive bias where people who own a good to value it more than people who do not. It was popularised by the work of Daniel Kahneman, Jack Knetch and Richard Thaler, especially their 1990 research.
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