No. #128
Endowment Effect
- Valuing Owned Items More
The endowment effect is the tendency for people to ascribe more value to things merely because they own them, compared to if they did not. This bias can influence user behavior in marketplaces, trading platforms, or any situation where users are asked to evaluate or part with their possessions.
Read more on WikipediaProduct example
Users might demand higher prices for items they're selling on an online marketplace than they would be willing to pay for the same item as buyers.
Empathy tips
Highlight Objective Valuations
Provide tools or information that help users understand the objective value of items.
Educational Content on Bias
Offer educational content that helps users recognize and understand the endowment effect.
Facilitate Fair Trading Mechanisms
Implement mechanisms that facilitate fair trading, helping to counteract the endowment effect.
User Reflection Prompts
Encourage users to reflect on their valuation processes, offering prompts that might help them consider more objective measures.
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