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valuation
You assign value to objects solely through ownership.
A 1991 study found individuals value their own items at approximately twice the price (a 100% increase) they are willing to pay for an identical item.
The study appeared in the Journal of Economic Perspectives, not the Journal of Political Economy.
You are the biased curator of your own belongings.
Where this comes from
- Study
- Kahneman, Knetsch, and Thaler, 1991, Journal of Political Economy
- What the check found
- The seminal 1991 Kahneman, Knetsch, and Thaler paper reports WTA/WTP ratios around 2:1. Claiming '200% more' is a common arithmetic error for 'twice as much'.
- Confidence
- Solid, with limits
Related
One of these every day, and every one names the study it came from. When a finding is contested, it says so.