The endowment effect is the tendency for people to be unwilling to sell a good they already own even if they are offered a price greater than they would be willing to pay to buy the good if they did not already own it.

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The endowment effect has been widely studied in behavioral economics and is a well-established phenomenon. It can explain why people sometimes hold on to goods that they no longer need or are no longer valuable to them, simply because they own them. This effect has important implications for decision-making, pricing, and market behavior.

The Endowment Effect Is the Tendency for People to Be