The Endowment Effect

    Have you ever been to a garage sale and thought "why does this person have this junk priced so high?"  We dive into that very question and understand the psychology behind what's called the endowment effect.  When we go to buy something we always want it at the cheapest possible price, on the contrary when we sell something we want the most amount for it.  Is it just greed to want more money for something than you yourself paid less for?  Let's discuss in more detail the endowment effect and how you may come to the understanding of why we hold personal items at such high value.