Asked by
Franklin Bosire
on Nov 25, 2024
Verified
The endowment effect makes people value things less when they think of those things as their own as opposed to identical things that are not theirs-as in "the grass is greener on the other side."
Endowment Effect
A psychological phenomenon in which people assign higher value to things merely because they own them.
- Pinpoint cognitive biases like self-serving bias, endowment effect, and availability heuristic, and their ramifications on behavioural patterns.
Verified Answer
MD
Learning Objectives
- Pinpoint cognitive biases like self-serving bias, endowment effect, and availability heuristic, and their ramifications on behavioural patterns.
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