The Endowment Effect

The endowment effect:

A) refers to the observation that people tend to value something more highly when they own it than when they don't.
B) refers to the observation that people tend to value something more highly when they don't own it than when they do.
C) refers to the fact that when confronted with many alternatives, people sometimes avoid making a choice and end up with the option that is assigned as a default.
D) refers to the observation that people do not have a strong attachment to the status quo.