Tags » Endowment Effect

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

YouTube -- Trying to Buy People's Dogs

This prankster is going around Chicago asking people to sell their dog for up to $10,000. Most people aren’t willing to part with their beloved pooch, but some people consider his offer. 21 more words

Foundations

From Mental Accounting to Nudging: Celebrating a Nobel in Behavioural Economics

Fifteen years have passed since a Nobel Prize in economics was awarded to Daniel Kahneman to this time (Fall 2017) when another leading researcher in behavioural economics, Richard Thaler, wins this honourable prize.  2,544 more words