The fact that people often ask for a much higher price for a good they possess than they are willing to pay to buy the same good is an example of:
A) The endowment effect.
B) Priming.
C) Framing.
D) The availability bias.

Question

Quizplus · Accepted Answer

The endowment effect describes a cognitive bias where people ascribe more value to things merely because they own them. This explains why individuals often demand a higher price when selling goods than they would be willing to pay to purchase the same goods.

The Fact That People Often Ask for a Much Higher