That makes sense — thanks for clarifying. It may be worth stressing this in future contributions too, as I may not be the only person who didn’t quite appreciate this :-)

Now, not unrelated to this, check out this article https://thedecisionlab.com/better-explanation-endowment-effect/ (referring to this paper http://datacolada.org/wp-content/uploads/2015/05/Weaver-Frederick-2012.pdf), which shows how people’s valuation is subject to what they perceive the market price to be.

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Accidental behavioural economist in search of wisdom. Uses insights from (behavioural) economics in organization development. On Twitter as @koenfucius

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