Misbehaving: The Making of Behavioural Economics

by Richard H. Thaler

Giving up the opportunity to sell something does not hurt as much as taking the money out of your wallet to pay for it. Opportunity costs are vague and abstract when compared to handing over actual cash.

people valued things that were already part of their endowment more highly than things that could be part of their endowment, that were available but not yet owned.

One values things they own more highly than things they don't own.

The finding is that, after the fact, we think that we always knew the outcome was likely, if not a foregone conclusion.

When we have adapted to our environment, we tend to ignore it.

losses hurt about twice as much as gains make you feel good.