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Provide a Definition of Endowment Effect

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Essay

Provide a definition of endowment effect.


Definitions:

Families

Groups of individuals related by blood, marriage, or adoption who live together and share economic, emotional, and social ties.

Income Inequality

The uneven allocation of income among individuals or households within an economic system.

Distribution Of Income

The way in which total income is shared amongst the population or different groups within a society.

Pre-Tax-And-Transfer Income

The measure of a household's income before taxes are deducted and before any government transfers, such as social security or unemployment benefits, are added.

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