Change Psychology: Endowment Effect

recently wrote about building up a resource for Change knowledge here within this very Blog. Finally I got the time to deal with some basic psychological questions of Change. I am looking forward to be able to share those insights on “Change Psychology” with you, here.

Description
When I own something, I will tend to value it more highly. If I have to sell it, I will probably want to ask more than it is really worth.

Example
Look around your house. Pick something. How much would you sell it for? How much would people really pay for it? How much would you pay for something like this at a second-hand store? The contents of your house are more valuable to you than other people.

So what?
When you want somebody to feel well-off, get them to total up their net worth.

Defending
When you are buying something, take along a neutral sales guide to show people what they are selling is really worth.

Psychology of Change (Picture source: http://inspirida.com) Original article taken from http://changingminds.org
Psychology of Change (Picture source: http://inspirida.com)
Original article taken from http://changingminds.org

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