Predictably Irrational Chapter 7 – The High Price Of Ownership

In Chapter 7 of “Predictably Irrational”, Dan Ariely discusses how once we value things we own far more than any stranger would. Even a simple mug becomes valuable once you claim ownership over it. People create a connection with what they own and familiarity leads us to overvalue our own possessions. This is why the market in possessions is prone to distortions and outright market failures. People selling their possessions will charge a price no potential buyer would see as reasonable. Continue reading “Predictably Irrational Chapter 7 – The High Price Of Ownership”