The Endowment Effect Why We Overvalue What We Already Own
Update: 2024-11-03
Description
Why do we often feel an irrational attachment to things we already own? In this episode of Mind Theory, we explore the Endowment Effect, a cognitive bias that leads people to overvalue their possessions simply because they belong to them. We’ll unpack how this bias connects to the status quo bias—our tendency to resist change—and the IKEA Effect, where people place extra value on items they’ve created. We’ll also discuss cultural influences on this effect and share tips on how to recognize and overcome it for smarter decision-making. Tune in to learn how to break free from the grip of the Endowment Effect and make more objective choices.
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