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Don't let the endowment effect cloud your judgment from "summary" of The Art of Thinking Clearly by Rolf Dobelli
Imagine you own a painting that you purchased for a high price. Now, suppose someone offers to buy it from you for slightly more than what you paid. Would you sell it? Most likely not. The reason behind this irrational behavior is the endowment effect. This psychological fallacy causes us to overvalue things simply because we own them. The endowment effect clouds our judgment and distorts our decision-making process. It makes us cling to possessions, whether they are material items or ideas, even when letting go would be the rational choice. This bias can lead us to hold onto investments that are no longer serving us, relationships that are toxic, or beliefs that are outdated....
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