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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.
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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.
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.
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What people truly believe , not always what you say or outwardly show, is what drives a company’s culture.
Changing a company culture is about tapping into the core beliefs of each individual, understanding what their basic underlying assumptions are, and creating an environment where...
When most companies try to improve their culture, they focus on the negative aspects and try to improve them. Although this may sound reasonable, the opposite approach is more successful.
We live in an age where many feel that they are entitled to a perfect life. But at some stage, everyone will face a tragedy.
When tough times do come, resilient people seem to recognize that suffering is part of every human life. Understanding this stops you from feeling discriminated agai...
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