Asked by Kailyn Holmes on Jul 04, 2024
Verified
Provide a definition of endowment effect.
Endowment Effect
A cognitive bias that causes individuals to value an owned object higher than it would be valued if it were not owned.
- Define the endowment effect and its influence on value perception and decision-making.
Verified Answer
NZ
Nicolette ZalecznyJul 05, 2024
Final Answer :
The tendency to consider something that you own to be worth more than it would be if you did not own it.
Learning Objectives
- Define the endowment effect and its influence on value perception and decision-making.