Endowment effect

1. Think of something you own that you really like. Then, think of how much money someone would have to offer to buy it from you. Do you think that number is higher or lower than most people would pay for that item? Explain. 1 Discussion Prompg Write your responses to the questions. Then, share what you wrote with your classmates or a partner. 1. Which of the following describes the endowment effect? 2 Why Are We So Attached To Our Thing We value the things that we own. Otherwise, why would we still have them? But is it possible that sometimes we value them a little too much? Watch this video and follow your teacher's directions to answer the questions either in your solder-Jr activity packet or within the EdPuzzle itself. NOTE: EdPuzzle videos shu'le answer choices and do not always match the order pmvided in the lesson here. a. Placing more value on information we've received recently over information received long ago i). The tendency to look for information that conrms beliefs we already have C. Valuing things we own more highly just because we own them (1. Considering inputs of time, money, and effort we can't get back when making decisions 2. Which item did most participants in the study want to keep? a. The item they received rst it). The healthiest item C. The item that cost the most (1. The most visually appealing item 3. We tend to value items once owned by celebrities similar to those handed down to us from family members because we believe they connect us to the original owners. a. True l3. False 4. Even as technology advances products like books and music into the digital world, it's possible physical copies will still remain popular because of. .. a. Supply and demand 1). The endowment effect C. Cost of production (1. Recency bias