the tendency of people to place a higher value on items once they own them or once these have been associated with the self in some other way. For example, an individual selling goods often prices them above what he or she would be willing to pay to acquire those same goods (i.e., selling prices exceed buying prices). The endowment effect is characterized by increased positive emotions toward the object. [coined in 1980 by U.S. economist Richard Thaler (1945– )]