The Serengeti Plain Fallacy: Fallacies that aren't fallacies
Endowment effect
Valuing an object more, only because you possess it.
source
We are emotionally attached to things that we own. It makes sense: There’s an emotional investment in having made the decision, in shifting or cementing your identify as “a person who would have this object,” and how you believe that ownership will be perceived by others. ... See more
Valuing an object more, only because you possess it.
source
We are emotionally attached to things that we own. It makes sense: There’s an emotional investment in having made the decision, in shifting or cementing your identify as “a person who would have this object,” and how you believe that ownership will be perceived by others. ... See more
Jason Cohen • The Serengeti Plain Fallacy: Fallacies that aren't fallacies
This shows how value is an individual quality. In order to purchase something, you have to value it at or above the price.