The Ownership Effect

The Ownership Effect is a psychological phenomenon where people value items they own more than identical items they do not own. This bias makes individuals assign a higher worth or importance to their possessions simply because they own them. It can influence decisions, leading people to overestimate the value of things they possess, whether it's a product, an idea, or a goal. This effect helps explain behaviors such as reluctance to part with belongings or overvaluing personal efforts, emphasizing how ownership shapes our perceptions and choices.