Tags » Endowment Effect

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Happy Spring!! Although it may not look like it or feel like it, spring has arrived here in Boston!

We talked about all the things that symbolize spring here including, birds singing, flowers and trees blooming. 381 more words

The SPOT Effect

Psychologists uncover a new self-serving bias – if it’s my theory, it must be true

If you look at the research literature on self-serving biases, it’s little surprise that critical thinking – much needed in today’s world – is such a challenge. 75 more words

Behavioral Economics

Letting go of our stuff

My dad was a pack rat. Like many of his generation, he kept everything – just in case he might need it some day. And by everything, I mean balls of string, twist ties, glass jars, plastic bags and containers, old electronics, magazines, paint, wire, elastics, paper, nails, screws. 619 more words

Dan Ariely's tips for living

5 weird things we learned from Dan Ariely in 2016

From the hidden benefits of disaster dates to the ways lying changes biology, the acclaimed professor taught us a lot about human nature this year. 89 more words

Behavioral Economics

It's A Barbie World

When I was younger, I had a huge collection of Barbie Dolls.  These dolls were priceless to me and filled up three giant storage tubs!  When I turned 13, I knew that is was time to sell my Barbie’s because I hadn’t played with them in so long.  342 more words

Marketing

Sharemarket investors and the endowment effect

I cover the endowment effect as part of the Behavioural Economics course that I teach. The example that I use was aired on the PBS TV channel and was an experiment at the University of Chicago where students are told to work out how much they would be prepared to pay for a travel mug – they offered an average price of US$6 per mug. 574 more words

Behavioural Economics

The endowment effect in India

To have and to hold

Adam Smith remarked that no dog ever made a free and fair exchange of one bone for another. Many pooch-owners will agree, having spent frustrating minutes trying to wrestle a stick or a ball off their pets. 52 more words

Cognitive Biases