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Endowment Effect

  • By: Jacob Westfall & Leaf Van Boven
  • In: Encyclopedia of the Mind
  • Edited by: Harold Pashler
  • Subject:Linguistics (general), Cognitive Psychology (general)

People tend to demand more to give up an object than they would be willing to pay to acquire the same object. That is, people value objects that they happen to own—objects that are part of their endowment—more than identical objects ...