Thinking, Fast & Slow by Daniel Kahneman | Audiobook Summary
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The Endowment Effect
An object that we own and use is more valuable to us. For example, you may buy a ticket for your favorite concert for $500 and refuse to sell it for even $5,000. People don't just attach value to wealth, they attach values to gains and losses. We basically hate to lose money and we weigh losses more than gains. Would you prefer a 50% chance to win $1,000 or get $500? Well, most people will choose to gain $500 for sure.
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