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Endowment effect affects value perceptions from "summary" of Thinking Fast and Slow by Book Summary
The Endowment effect is a psychological phenomenon that influences how people perceive the value of things they own. This effect occurs because individuals tend to place a higher value on items they own compared to identical items they do not own. The mere fact of ownership leads to an increase in perceived value, regardless of the actual market price of the item. This bias in perception can have significant implications on decision-making processes, as it can lead people to make irrational choices based on emotional...
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