Tom Stafford describes a simple antidote to the endowment effect.6 Instead of asking, “How much do I value this item?” we should ask, “If I did not own this item, how much would I pay to obtain it?” We can do the same for opportunities and commitment. Don’t ask, “How will I feel if I miss out on this opportunity?” but rather, “If I did not have this opportunity, how much would I be willing to sacrifice in order to obtain it?” Similarly, we can ask, “If I wasn’t already involved in this project, how hard would I work to get on it?”7
Antidote to the endowment effect
