Loss aversion in behavioral economics refers to a phenomenon where a real or potential loss is perceived by individuals as psychologically or emotionally more severe than an equivalent gain. For instance, the pain of losing $100 is often far greater than the joy gained in finding the same amount.
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Anchoring
Using a price anchor (e.g. dropping a certain number) causes people to attach to numbers.
Endowment effect
The endowment effect refers to an emotional bias that causes individuals to value an owned object higher, often irrationally, than its market value.
