What is the endowment effect?
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The Bias: In the classic mug experiment, owners asked about twice what buyers would pay. Why?
Owning something makes us value it more. Merely owning an item raises its value in our eyes. Source: Wikipedia – Endowment effect
Where It Shows Up: Where does it show up?
Overpricing your own house or car. Sellers anchor on emotional value. Source: Wikipedia – Endowment effect
The Fix: Fix?
Ask what you'd pay for it if you didn't own it. Swapping roles strips the ownership boost. Source: Wikipedia – Endowment effect