Category: General Knowledge | Last updated: 2026-09-18
A person is offered $100 for a concert ticket they won and didn't pay for. They refuse, stating they wouldn't sell it for less than $150, even though they wouldn't have bought it for that price initially. Which cognitive bias is this an example of?
A) Anchoring Effect
B) Endowment Effect
C) Sunk Cost Fallacy
D) Availability Heuristic
Explanation
The Endowment Effect describes the tendency for people to ascribe more value to things merely because they own them, regardless of their objective market value.