" ... the power of the endowment effect, the [[Nobel Prize]]-winning researcher [[Daniel Kahneman]] and colleagues **randomly gave coffee mugs to only half the subjects in an experiment**. "**The first group was asked how much they would be willing to sell their mug for, while the second group was asked what they would be willing to pay for it**. "It turned out the students who “owned” the mugs refused to sell for less than $5.25, while those without the cups were willing to pay only $2.25 to $2.75. T**he mere fact of ownership, in other words, caused the mug owners to value the objects more highly and made them less willing to part with them**." --- **Tags** -- [[quotes]], [[commitment-bias]], [[loss-aversion]], [[teaching-anecdotes]] **Source** -- [[202410111219 - B - Essentialism]]