Asked by Nijah Robinson on Jul 04, 2024
Verified
The endowment effect refers to the finding that ____.
A) items gain in value to the person who owns them
B) natural talent are more positively regarded than skills one has worked hard to acquire
C) simply thinking about a word in connection with the self leads to better memory
D) most major skills and traits are fixed at birth and cannot be acquired through hard work
Endowment Effect
The psychological phenomenon where individuals value an owned object higher than its market value.
Natural Talent
Inborn abilities or aptitudes that an individual possesses, often manifesting as exceptional skills or competencies in specific areas.
Hard Work
A consistent effort or diligence in accomplishing a task or achieving a goal.
- Recognize the impact of the endowment effect on how value is perceived.
Verified Answer
ZK
Zybrea KnightJul 06, 2024
Final Answer :
A
Explanation :
The endowment effect is a psychological phenomenon where people ascribe more value to things merely because they own them. This means that ownership itself causes people to value goods more highly than if they do not own them.
Learning Objectives
- Recognize the impact of the endowment effect on how value is perceived.