Jones Plumbs the Endowment Effect – “The term Endowment Effect describes the difference between the maximum price a person is willing to pay for something one minute, and the minimum price they would demand to sell it, immediately after they acquired it. Economists predict that the difference between these prices would be nearly zero, whereas psychologists have found that the minimum selling price tends to exceed the maximum acceptable purchase price. This suggests that the fact of ownership immediately ‘endows’ something with extra value. ”