The theory of endowment effect says that people place

QUESTION

Weekly Journal – Endowment EfectFollow the instructions below to complete your journal entry for this week:The theory of endowment effect says that people place a higher value on objects they own than on objects that they do not own. Briefly describe a time when you experienced this endowment effect (selling your car, pricing items at a garage sale, etc.)Learning ResourcesPlease read and view (where applicable) the following Learning Resources before you complete this week’s assignments.Media:Video: TED. (Producer). (2005). Barry Schwartz on the paradox of choice [Video]. Retrieved from http://www.ted.com/talks/barry_schwartz_on_the_paradox_of_choice.htmlIn this TED (Technology, Entertainment, and Design) video clip, Barry Schwartz presents information about maximisers and satisficers.ReadingsCourse Text: Rational Choice in an Uncertain WorldChapter 11, “A Rational Decision Theory”Chapter 12, “A Descriptive Decision Theory”Article: Parker, A. M., deBruin, N. B., & Fischoff, B. (2007). Maximizers verses Satisficers: Decision-making styles, competence, and outcomes. Judgment and Decision Making, 2(6), 342–350. Use Psych Info Database, and search using the article’s title.WebsitesDeal or No Deal. (n.d.). MoFunZone. Retrieved September 15, 2010 fromhttp://www.mofunzone.com/online_games/deal_or_no_deal.shtml#This interactive game provides you with the opportunity to play a game based on Deal or No Deal.

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