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. Then they were both given a chance to swop. Most preferred the reward they started out with.
This shows how quickly we form connections between our sense of self and the things we consider ours.
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