“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 sell a product, than what we are willing pay when buying it.
Scientific research example:
The prototypical studies into the endowment effect involve mugs and other equally priced products.
Imagine Nobel-prize winner Daniel Kahneman gives you such a mug. You say “thank you”. Daniel than asks you if you …