![]() Gather a group of people and give half of them a coffee mug. ![]() In practice, people tend to over value things that they own relative to things they don’t yet own.Ī famous example of this is the coffee mug experiment. In theory, an individual’s selling price should equal their buying price, which should equal how much they value the good. If this article interests you, check out the book for the fascinating story behind these concepts and the psychologists that pioneered them! The endowment effect ![]() I’ve drawn from sources including Kahneman and Tversky, as well as other studies that lend themselves better to data visualization. This article is a visual summary of a few of the psychological principles that The Undoing Project touches on. Michael Lewis also wrote The Blind Side, Moneyball, and The Big Short, all of which ended up as feature films. This isn’t surprising, considering who the author is. ![]() The Undoing Project covers much of the same material as Thinking, Fast and Slow, but in an even more entertaining, approachable way. ![]()
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