The endowment effect: Why you can’t let go of your possessions

Insights from behavioural science on why people overvalue possessions they already own.

Psychologists have also concluded that this overvaluation may stem from our sense of ownership itself. We value something more simply because it is ours. If we own a car, laptop, or watch of a certain model, we would similarly overvalue that same object owned by someone else because we own one ourselves.