Endowment Effect
Definition
People demand more to give up something they own than they'd pay to acquire the same thing. A behavioral break from standard rationality.
Example
Given a mug, you'd sell it for $7. Without it, you'd only buy it for $4.
People demand more to give up something they own than they'd pay to acquire the same thing. A behavioral break from standard rationality.
Given a mug, you'd sell it for $7. Without it, you'd only buy it for $4.