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518. The Endowment Effect: Why We Overvalue What We Own
Manage episode 497109661 series 3655426
Melina Palmer에서 제공하는 콘텐츠입니다. 에피소드, 그래픽, 팟캐스트 설명을 포함한 모든 팟캐스트 콘텐츠는 Melina Palmer 또는 해당 팟캐스트 플랫폼 파트너가 직접 업로드하고 제공합니다. 누군가가 귀하의 허락 없이 귀하의 저작물을 사용하고 있다고 생각되는 경우 여기에 설명된 절차를 따르실 수 있습니다 https://ko.player.fm/legal.
In this episode of The Brainy Business podcast, Melina explores the fascinating concept of the Endowment Effect, exploring why we tend to overvalue the things we own. From cherished coffee mugs to long-held ideas, this cognitive bias reveals how ownership can skew our perception of value. As Melina revisits her original deep dive from February 2021, she underscores the implications of the Endowment Effect on decision-making in both personal and professional contexts.
Listeners will learn how even subtle shifts in language can trigger the Endowment Effect, making items feel more precious simply because they belong to us. Melina shares practical examples, including how businesses can leverage this bias to enhance customer loyalty and engagement. With insights drawn from psychological studies and real-life scenarios, she emphasizes the importance of understanding this effect to improve marketing strategies and customer experiences.
In this episode:
- Discover the Endowment Effect and how it influences our perceptions of value.
- Learn how language can trigger feelings of ownership and attachment.
- Explore the connection between the Endowment Effect and loss aversion.
- Understand how to apply the Endowment Effect in business to enhance customer loyalty.
- Gain insights into how early ownership can reinforce long-term brand loyalty.
Get important links, top recommended books and episodes, and a full transcript at thebrainybusiness.com/518.
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