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December Newsletter - 2018

  • Mitraz Knowledge
  • Dec 31 2018
Estimated reading time: 11 minutes 59 seconds

KNOWLEDGE - ENDOWMENT BIASSymptoms - The tendency to place a significantly higher value on things when we already own them.An Example - The endowment effect was identified by economist Richard Thaler in the 1970's when he gave the example of a man who bought a case of wine in the late 1950s for about $5/bottle. A few years later, his wine merchant offered to buy the wine back for $100 a bottle and the man refused, even though he had never paid more than $35 for a bottle of wine ever. Similarly, people...

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