The Endowment Effect Is the Tendency To

question 9

Multiple Choice

The endowment effect is the tendency to:

• A)place a higher value on something a person already owns simply because they own it.
• B)have a harder time parting with wealth the longer that wealth has been held.
• C)believe one holds a particular skill because someone told them they do.
• D)want to bestow one's own beliefs on others when making decisions.

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Definitions:

McDonaldization

A term referring to the process by which principles of fast food restaurants, such as efficiency, predictability, and control, come to dominate more sectors of society and the economy.

George Ritzer

An American sociologist known for his work on consumerism, globalization, and the McDonaldization of society.

Max Weber

A foundational figure in sociology known for his theory on the Protestant ethic and the spirit of capitalism, and his contributions to the understanding of social authority, bureaucracy, and social stratification.

Glocalization

The practice of conducting business according to both local and global considerations, blending global objectives with local cultures and practices.