Endowment Effect (Why do we prefer an object we own to an identical object we do not own?)
The Endowment Effect, a brief explanation
What is the Endowment Effect?
The endowment effect is the tendency to prefer an object that we own to an identical object that we do not own. As such we value our object more than the other identical object.
Example
When trading items you may value your item (e.g., a limited-edition book) as being of greater value than an identical item.
The literature
Marzilli Ericson, K. M. & Fuster, A. (2014). The endowment effect. Annual Review of Economics. Doi: 10.1146/annurev-economics-080213-041320
Morewedge, C. K. & Giblin, C. E. (2015). Explanations of the endowment effect: an integrative review. Trends in Cognitive Sciences, 19(6), 339-348. Doi: 10.1016/j.tics.2015.04.004
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