We tried to buy people's lottery tickets for more than they paid — it shows why we overvalue something simply because we own it

  • We tried to buy people’s lottery tickets for much more than they paid.
  • Why Are We All So Stupid?” explores the cognitive biases that lead us to make irrational decisions.
  • This episode focuses on the endowment effect, which is our tendency to overvalue something simply because we own it.

Watch other episodes of “Why Are We All So Stupid?”:

Overconfidence Bias: Asking Couples About Their Relationships

Anchoring Effect: Guessing How Many Jelly Beans Are In A Jar

Pricing Effect: Why A Higher Price Tag Makes Wine Taste Better

Availability Bias: Discussing Who’s Most Likely To Cheat On Their Spouse

EDITOR’S NOTE: This video was originally published on December 14, 2018.

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