Are You Going to Eat That?
Friday, February 6, 2009 - 13:14
in Mathematics & Economics
Ever hear of the endowment effect? In its simplest terms, this refers to the added worth that humans give to things that they own. Studies have shown, for example, that people will sell a product they own for a much higher price than they'd be willing to pay for it when buying from someone else. Can you relate? It sounds like fairly predictable human behavior. But to what extremes can this endowment effect influence our eating habits? This is where it gets interesting. read more