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How we change what others think, feel, believe and do
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How we change what others think, feel, believe and do |
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Endowment Effect
Explanations > Theories > Endowment Effect Description | Research | Example | So What? | See also | References
DescriptionWhen 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. ResearchIn 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. ExampleLook 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 itWhen you want somebody to feel well-off, get them to total up their net worth. DefendingWhen you are buying something, take along a neutral sales guide to show people what they are selling is really worth. See alsoProspect Theory, Endowed Progress Effect References|sp| |
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