The endowment effect is when we value items more highly from the moment we own them.

In a demonstration, students were given a choice between a coffee mug or a Swiss chocolate bar for participating in research. Half chose the coffee mug and the other half the chocolate. The...

In an experiment, psychologists used an illusion to convince young children they built a copying machine that could replicate anything, such as their favourite toy. Most of the children favoured their original toy and many were horrified with the idea of taking home a copy.

This thi...

Hazda people of northern Tanzania are isolated from modern culture and don't show the endowment effect.

That is possible because they live in an egalitarian society where they share almost everything.

Sometimes people have a hoarding disorder  - that is, an exaggerated sense of responsibility and protectiveness toward one's belongings.

However, it remains to be seen how the nature of our relationship with our possessions will change with digital technologies.