The endowment effect skews perceptions of value from "summary" of Misbehaving by Richard H Thaler
The endowment effect is a curious phenomenon that reveals how people often overvalue objects simply because they own them. This cognitive bias skews our perceptions of value, leading us to believe that something we possess is worth more than it actually is. It is as if ownership imbues the object with special qualities that inflate its worth in our minds. This can be seen in various contexts, from the reluctance to part with a possession even when offered a fair price to the tendency to value items more hig...
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