The Idea That Having Ownership of an Item Increases the Value

question 51

Multiple Choice

The idea that having ownership of an item increases the value that a person puts on the item can be explained by

• A)The endowment effect
• B)Loss aversion
• C)Overconfident bias
• D)Anchoring bias

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Definitions:

Probability

A measure of the likelihood that an event will occur, expressed as a number between 0 and 1.

Probability

A measure or estimation of how likely it is that an event will occur, expressed as a number between 0 and 1.

Unfavorable

Describing something that is disadvantageous, negative, or not beneficial; often related to opinions, conditions, or outcomes.

Probability

The chance of an event happening, represented numerically from 0 to 1.