The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics cover image

518. The Endowment Effect: Why We Overvalue What We Own

The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics

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Understanding the Endowment Effect: The Value of Ownership in Customer Retention

This chapter examines the endowment effect and how ownership amplifies the perceived value of items. It explores personal experiences with subscription services and highlights the significance of this psychological phenomenon for businesses aiming to enhance customer loyalty.

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