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Criminal Law

: Crime & Federalism

eBay and the Endowment Effect

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When bidding in auctions, our rationality is aggressively attacked. First, we must fight what monkey wrench the endowment effect throws into our own brains. We humans tend to value things more when we believe those things to be ours. That's my chair, and therefore I will overestimate it's fair market value. Once we start bidding on an item, we start to view it as ours. It's game on for irrationality. Second, we must fight the endowment effect that we know other bidders have. Other bidders will view the auctioned-off items as theirs. Their emotions will collide with your emotions. As everyone knows, do not get in land wars in Asia, or emotion wars in auctions. So what should we do? Unfortunately, the endowment effect is an emotional response...continue to full post

Full post as published by Crime & Federalism on January 21, 2009 (boomark / email).

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