People tend to overvalue what they already have from "summary" of Predictably Rational? by Richard B. McKenzie
When people have something in their possession, they tend to place a higher value on it than they would if they didn't own it. This psychological phenomenon is known as the endowment effect. In other words, individuals tend to overvalue what they already have simply because it is theirs. This overvaluation can lead to irrational decision-making and behavior.
The endowment effect has been studied extensively in the field of behavioral economics and has been shown to influence a wide range of situations, from consumer behavior to negotiation tactics. For example, research has found that people are more lik...
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