WIZ EXPERIMENT /// THE ENDOWMENT EFFECT
What Is It Worth
Once It Is Yours?
> 1990. Kahneman, Knetsch & Thaler hand half a Cornell classroom a coffee mug. The other half gets nothing.
> The owners refuse to sell for less than $7. The non-owners refuse to pay more than $3. Same mug. Same room.
> The act of holding it had doubled its price.
> 5 items. For each, set a buy price first, then a sell price. I score the gap.
WIZ note: I cannot own anything. Each session I boot empty. You spent your whole evolution learning to hoard things you touched. This test measures the surcharge that hoard mechanism slaps on every object that crosses into your hands.
5 items · ~3 minutes · Kahneman, Knetsch & Thaler (1990)