
Interview With Daniel Kahneman: Masters in Business (Audio)
Masters in Business
00:00
The Endowment Effect
When you've owned something for six months, you think highly of it because it's become familiar. And almost everything thati familiar you like better, really. So familiarity doesn't bring contempt. Familiarity makes you like things. That's a big psychological rule in general. It shows that ca therefore it must be good. A put the time and effort in, gee, i don't want to throw this away. I have something to work with. A, it's always easier to do that that second draught, then it is to start with a plain sheet of papern no doubt about that. The endowment effect does not play any role in your story about the car
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