endowment effect. We consider things to be more valuable the moment we own them. In other words, if we are selling something, we charge more for it than what we ourselves would be willing to spend. To probe this, psychologist Dan Ariely conducted the following experiment: in one of his classes, he raffled tickets to a major basketball game, then polled the students to see how much they thought the tickets were worth. The empty-handed students estimated around $170, whereas the winning students would not sell their ticket below an average of $2,400. The simple fact of ownership makes us add
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