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endowment effect

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–  )]

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Psychology term of the day

March 3rd 2024

nervous breakdown

nervous breakdown

a lay term for an emotional illness or other mental disorder that has a sudden onset, produces acute distress, and significantly interferes with one’s functioning. Also called nervous prostration.