Tag Archives: Endowment Effect

Endowment Effect

The psychological phenomenon of the “endowment effect” means that once we own an object, we value if more. You may not have wanted that orange freebie coffee mug, but once it’s yours, it’s difficult to give it up. For this reason, don’t take or buy things you don’t truly want, because you’ll find it hard to let them go. Possessions consume time, space, and energy, which are very precious.