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What is the Endowment effect ?

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Danielle
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the endowment effect is the hypothesis that people ascribe more value to things merely because they own them. This is illustrated by the observation that people will tend to pay more to retain something they own than to obtain something owned by someone else—even when there is no cause for attachment, or even if the item was only obtained minutes ago.

Reference: http://en.wikipedia.org/wiki/Endowment_effect

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