"We prefer options that are certain" People tend to select options for which the probability of a favorable outcome is known (over an option for which the probability of a favorable outcome is unknown). The ambiguity effect is relevant when a decision is affected by a lack of information, or "ambiguity". The effect implies that
“When we own goods, we value them higher than when we don't” How we value items depends on whether or not it is ours. The effect (also known as 'divestiture aversion') is that when there are two identical products, we especially value the one we own. In other words: we want more money if we
“We like something more when we've invested more effort into it" More effort leads to more love (but only when we are able to complete our actions). Customization is about more than individual preferences. It is also about the effort put into it. This customization effort increases liking. This effect is also called the 'Ikea-effect'
