In an experiment there were 2 groups:
Sellers and Buyers
Buyers were asked how much they would pay for the cup. The average purchase price was $2.87
We tend to place more value on things that we own more than an equivalent item that does not belong to us.
See the full study here :
Kahneman, D., Knetsch, J. L., & Thaler, R. H. (1990). Experimental Tests of the Endowment Effect and the Coase Theorem. Journal of Political Economy, 98(6), 1325-1348.
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