The Serengeti Plain Fallacy: Fallacies that aren't fallacies
Logic requires that people find universal laws, but outside of scientific fields and once human psychology has a role to play, it is perfectly possible for behavior to become contradictory. A tax rise can cause you to work less because the returns of your labor are lower, or work harder to maintain your present level of disposable wealth. There are... See more
The endowment effect is a cognitive bias that causes people to overvalue an item simply because they own it, regardless of its objective value. In other words, individuals tend to be much more attached to items they believe they own than they are to similar objects they do not possess. This is a potent psychological trick that brands deploy on all
... See moreSteven Bartlett • The Diary of a CEO: The 33 Laws of Business and Life
endowment effect is that the current owner of an item overvalues it, and because of that will want to sell it at a price higher than the future owner will be willing to pay for it.1
Dan Ariely • Dollars and Sense
This is because of something called “the endowment effect,” our tendency to undervalue things that aren’t ours and to overvalue things because we already own them.