Posted by Slide Link: https://docs.google.com/presentation/d/1N37_eG9Mvd-K1pxCmd-Lhlt4QWnsfxKzCyFQZc3sbZ0/edit#slide=id.p
This topic is about the endowment effect- why we are so attached to our things. There are mainly 3 reasons why the endowment effect happens. First, our brain just thinks like that. In an experiment, scientists put a person in an MRI and showed him pictures labeled mine and Alex’s. When the person saw the picture labeled mine, the part of the brain related to how we think about ourselves came back to life.
The second and most common reason is that there is a unique essence in their possession. In an experiment, scientists tricked 3-year-old babies into that there was a copying machine. Then, they copied the babies’ favorite toys and asked them to choose one. All of them surprisingly chose the original. This shows us that there is that unique feeling once an object becomes mine.
Lastly, culture matters. Far apart from the modern world, there is a group called Hadza people. It was found that they don’t have the endowment effect. This is because they share everything for survival. Maybe the reason why we have the endowment effect is because society doesn’t share anything.
Everybody has at least one object that they cherish. This can be a doll, rock, toy, or even picture. Everybody has the endowment effect.