Sunday, 19 April 2015

The Endowment Effect

Endowment Effect

So I was reading an interesting article the other day about collecting and the reasons why, is it love? Guilt? or Pleasure?

While it was rather a good read indeed and had a direct relation to are Oldhammer hobby it was the side article called The endowment effect that really hit the button.

For those which don't know this here is the definition:

''The endowment effect (also known as divestiture aversion) is the hypothesis that people ascribe more value to things merely because they own them''

It goes along way to explain why there are crazy asking prices for junk on eBay/Forums/Trade Groups. It just isn't greed but Human nature to why we place more value on are own items

I'm sure we have all done it? You just picked up that OOP figure for the lower end of the cost valuation, and now you own it you start valuing it and the higher end.

I bet you never thought you'd see something like this posted on OoaB eh? Not to worry the next posts will be painted toys.. woot!

I'd recommend having a quick read up on this though if you have a spare 5mins on the bog :)

- Chico

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