response to this statement: I think decision making can be slightly different in different areas of the world. I think the endowment effect could be more prevalent to areas that aren't as developed and are impoverished. Being in a capitalist society we often have more goods than we need and we donate them or sell them at a low cost. We do see the endowment effect for services and in more impoverished areas of our country. For instance, I live in West Virginia which is in the top 4 poorest states in the U.S. I find living here it is harder to find as many second hand items at an inexpensive cost as compared to when I lived in a bigger city in Kentucky which is just below West Virginia on the poverty scale. I attribute this to the fact that purchasing power is lower here so people believe their second hand items are worth more in part due to endowment effect and loss aversion