Tags » Endowment Effect

Being an Essentialist

I just finished Greg McKeown’s book, Essentialism: The Disciplined Pursuit of Less. It’s an eye-opening book in times of digital overwhelm and multi-tasking. There is this unrelenting pressure to take on more. 941 more words

Workplace Navigator

Impractical Jokes -- Auction House Meltdown

The endowment effect in economics is a powerful explainer for irrationality. When people own something, they are often not willing to release an item even when someone is willing to pay more than it’s valued at. 75 more words

Television

21 -- Monty Hall Problem

MIT Professor, Micky Rosa (played by Kevin Spacey) challenges Ben with the Monty Hall problem of selecting a door with a prize hidden behind it. The… 31 more words

Movie

The status quo bias when casting a ballot.

The status quo bias when casting a ballot.

Jane and Robert enjoyed living in a country with a direct democracy system. They valued their right to directly vote on important issues that effect everyone. 492 more words

Wendy's -- Endowment of the Double Stack

An example of the endowment effect. The customer on the left is willing to give up a dollar but not his Double Stacker. This seems irrational as the Double Stacker only has a market value of one dollar. 51 more words

Behavioral & Game Theory

Why Buying that New Sought After Item May Not Be the Best Idea

To help answer this question, I’d like to share an Instagram post from a mindful and conscious style blogger, Andrea Hartman, who inspired me to write this blog post. 555 more words