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Endowment Effect

Explanations > Theories > Endowment Effect

Description | Research | Example | So What? | See also | References

Description

When I own something, I will tend to value it more highly. If I have to sell it, I will probably want to ask more than it is really worth.

Research

In a Duke University study, students who had won prized basketball tickets would sell them at around $2400. Those who had not won would pay about $170.

Example

Look around your house. Pick something. How much would you sell it for? How much would people really pay for it? How much would you pay for something like this at a second-hand store? The contents of your house are more valuable to you than other people.

So what?

Using it

When you want somebody to feel well-off, get them to total up their net worth.

Defending

When you are buying something, take along a neutral sales guide to show people what they are selling is really worth.

See also

Prospect Theory, Endowed Progress Effect

References

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Site Menu

| Home | Top | Quick Links | Settings |

Main sections: | Disciplines | Techniques | Principles | Explanations | Theories |

Other sections: | Blog! | Quotes | Guest articles | Analysis | Books | Help |

More pages: | Contact | Caveat | About | Students | Webmasters | Awards | Guestbook | Feedback | Sitemap | Changes |

Settings: | Computer layout | Mobile layout | Small font | Medium font | Large font | Translate |

Please help and share:

Quick links

Disciplines

* Argument
* Brand management
* Change Management
* Coaching
* Communication
* Counseling
* Game Design
* Human Resources
* Job-finding
* Leadership
* Marketing
* Politics
* Propaganda
* Rhetoric
* Negotiation
* Psychoanalysis
* Sales
* Sociology
* Storytelling
* Teaching
* Warfare
* Workplace design

Techniques

* Assertiveness
* Body language
* Change techniques
* Closing techniques
* Conversation
* Confidence tricks
* Conversion
* Creative techniques
* General techniques
* Happiness
* Hypnotism
* Interrogation
* Language
* Listening
* Negotiation tactics
* Objection handling
* Propaganda
* Problem-solving
* Public speaking
* Questioning
* Using repetition
* Resisting persuasion
* Self-development
* Sequential requests
* Storytelling
* Stress Management
* Tipping
* Using humor
* Willpower

Principles

Explanations

* Behaviors
* Beliefs
* Brain stuff
* Conditioning
* Coping Mechanisms
* Critical Theory
* Culture
* Decisions
* Emotions
* Evolution
* Gender
* Games
* Groups
* Habit
* Identity
* Learning
* Meaning
* Memory
* Motivation
* Models
* Needs
* Personality
* Power
* Preferences
* Research
* Relationships
* SIFT Model
* Social Research
* Stress
* Trust
* Values

Theories

* Alphabetic list
* Theory types

And

– About
– Guest Articles
– Blog!
– Books
– Changes
– Contact
– Guestbook
– Quotes
– Students
– Webmasters

| Home | Top | Menu | Quick Links |

© Changing Works 2002-
Massive Content — Maximum Speed