Navigation Links
Possession Is Nine-Tenths the Perceived Value
Date:6/11/2008

Researchers find out why people can't let go of what is theirs

WEDNESDAY, June 11 (HealthDay News) -- As anyone who has thrown a yard sale knows, it can be hard to part company with what was once a prized possession.

In an attempt to grasp this all too human -- and sometimes irrational -- tendency to overvalue what is yours, researchers have found that having a tenacious grip on the stuff you own has little do with an enhanced love for familiar objects. Rather, it seems that your brain is simply hard-wired to help stave off the loss of what you have.

"Loss is not the opposite of gain," explained study author Brian Knutson, an assistant professor in the department of psychology and neuroscience at Stanford University. "They are two separate things, because people tend to overvalue the things they own and prefer what they own rather than comparable things they don't own -- a phenomenon known as the 'endowment effect.' And our brain research shows that this effect often seems to exist not because people are more driven to appreciate the things they own and find them more attractive, but because they simply can't stand the thought of losing a possession."

The finding is published in the June 12 issue of Neuron.

The authors said that the observation that "loss aversion" is the key dynamic behind the endowment effect could help explain why some people don't always act rationally when making economic decisions.

"The endowment effect makes economists nuts," Knutson noted, "since it means that some people -- although not all -- might require others to pay twice as much in order to be willing to sell a possession they own as they themselves would be willing to pay for the same thing, which really makes no sense in a market economy and is not always in the best economic interest of the decision-maker."

"And the key here," he added, "is that we found that emotions related to the fear of los
'/>"/>

Copyright©2008 ScoutNews,LLC.
All rights reserved  

Page: 1 2 3

Related medicine news :

1. Patients perceived cancer care unaffected by lower Medicare reimbursements
2. Price Plays Part in Perceived Power of Medication
3. Guardian Survey: Despite Perceived Effectiveness, Most Employees Who Participate in Wellness Programs Do Not Stay Committed
4. ZIP codes and property values predict obesity rates
5. Elliott Extremely Dissatisfied With Genzyme Bid for Bioenvision; Believes Offer Significantly Undervalues Company
6. MaxLife Fund Corp. purchases a portfolio of Life Settlement Policies with a face value of $4,000,000
7. Cincinnati Adoption Agency Invited to Participate in Values Voter Presidential Debate
8. Study Questions Flu Shots Value for Older People
9. Glycemic index values are variable, report researchers
10. Medco Unveils Three New Medicare Prescription Drug Plan Options for 2008 to Provide Seniors More Choice, Better Value and Specialist Pharmacists
11. Boston Scientific Announces New Initiatives to Increase Shareholder Value
Post Your Comments:
*Name:
*Comment:
*Email:
Related Image:
Possession Is Nine-Tenths the Perceived Value
(Date:9/23/2014)... From first-hand experience, Matthew O'Farrell knows all about ... can be treated. , A medically retired Army veteran, ... platoon sustained multiple attacks resulting in five casualties. After ... PTSD and honorably discharged from the Army. , “I ... myself from my friends and family,” recalled O’Farrell, who ...
(Date:9/23/2014)... By Karen Pallarito ... -- Imagine if doctors and hospitals got paid for providing ... consumers had better data for making informed health choices. ... health system is headed. The report, from the IMS ... of change" -- recent events expected to alter the delivery ...
(Date:9/23/2014)... 2014 What information do patients ... Quality Forum (NQF) released a report ( http://bit.ly/1DwekE9 ... an infographic ( http://bit.ly/1tX3lzA ) resulting from an ... how patients define affordability, and what information and ... best possible healthcare at the lowest possible cost. ...
(Date:9/23/2014)... A recent Oregon survey about an exercise DVD that ... routine of elementary school students found it had a ... and offered clear advantages for overly sedentary educational programs. ... produced by the Healthy Youth Program of the Linus ... nationally. , Brain Breaks leads children in 5-7 minute ...
(Date:9/23/2014)... 23, 2014 Trevera provides multiple ... Included are Oracle Managed Services , Oracle ... all versions of Oracle E-Business Databases and ... , Trevera has announced a significant enhancement to ... help with their software technology management, project management, ...
Breaking Medicine News(10 mins):Health News:Virtual Reality software to help treat PTSD 2Health News:Virtual Reality software to help treat PTSD 3Health News:Report Identifies Game Changers for U.S. Health Care 2Health News:Report Identifies Game Changers for U.S. Health Care 3Health News:Finding Affordable Care: Asking the Right Question is Key 2Health News:'Brain Breaks' increase activity, educational performance in elementary schools 2Health News:'Brain Breaks' increase activity, educational performance in elementary schools 3Health News:Trevera, Inc adds Management Support to Services 2Health News:Trevera, Inc adds Management Support to Services 3
... Swaroop Rani Nehru Hospital (SRN hospital) has resumed function, ... //. Two old dialysis machines have been repaired and ... ,Following inspection by the Medical Council of India ... machines. The patients are being charged for Rs 500 ...
... study published in PLoS Pathogens says that researchers have ... bacterium, which belongs to the family Acetobacteraceae is a ... the vinegar-making industry. ,The bacterium was identified ... is a rare genetic disorder that compromises the immune ...
... For the first time researchers have studied deeply about fat ... in the heart .Research has now revealed that these Fat ... of heart disease. University of Iowa researchers have revealed that ... ,Fat cells, once upon a time, were thought to have ...
... vegetables in your diet helps you to have fewer wrinkles ... // ,People with a normal diet can make ... red paprika in their meals, German magazine The Dermatologist said ... oxygen molecules - are a major factor in premature skin ...
... to a new study, lack of sleep in children, ... the University of Laval's faculty of medicine studied 422 ... the weight, height, and waist size of each participant. ... lifestyle and socio-economic status through phone interviews with their ...
... with cancer are interested in finding about latest treatments ... support //, reveals a new cancer study. Clive Seale, ... that cancer reaction is linked to gender. The findings ... to cancer support groups that help cancer patients. ...
Cached Medicine News:Health News:Fat cells lethally connected to heart disease 2Health News:Gender Difference In Reaction To Cancer 2
(Date:9/23/2014)...  SI-BONE, Inc., a medical device company that pioneered ... a minimally invasive surgical (MIS) device indicated for fusion ... U.S. Patent and Trademark Office has awarded the company ... fixation and fusion of bone.  This newly issued patent ... may be placed from one bone across a joint ...
(Date:9/23/2014)... NEW YORK , September 23, 2014 ... nouvelle solution Face2Gene améliorée lors d,une série ... http://www.fdna.com ), pionnier dans le domaine de ... exposera sa solution au stand n° 1035 lors ... à San Diego , ...
(Date:9/23/2014)... , Sept. 23, 2014   MedNet Solutions , a ... systems, is pleased to announce that it will once again ... Management (SCDM) Annual Conference, to be held this year from ... , Nevada. MedNet team members, in conjunction with representatives from ... who will also be in attendance, will be providing demonstrations ...
Breaking Medicine Technology:SI-BONE, Inc. Strengthens Patent Portfolio with the U.S. Patent and Trademark Office's Issuance of Threaded, Fenestrated Implant Method Patent 2SI-BONE, Inc. Strengthens Patent Portfolio with the U.S. Patent and Trademark Office's Issuance of Threaded, Fenestrated Implant Method Patent 3FDNA exposera sa solution Face2Gene intégrée en ligne avec London Medical Databases (LMD) à l'ASHG 2014 2FDNA exposera sa solution Face2Gene intégrée en ligne avec London Medical Databases (LMD) à l'ASHG 2014 3MedNet Solutions - Proud To Sponsor The SCDM 2014 Annual Conference 2
... facilitates stomal insertion., ,Adult TTS™ Adjustable ... trach tie, disconnect wedge, and obturator/introducer device., ... are intended for temporary use until the ... be obtained. Not for home care use. ...
... Lo-Profile™ tracheostomy tube is cosmetically pleasing ... styles of inner cannula come with ... cannula and a 15 mm ISO ... The semi-reusable inner cannula may be ...
... mm ISO termination for easy ventilator circuit ... place. , ,Clearly the softer choice ... , ,The Portex® flexible disposable inner ... polyvinyl chloride, providing a softer and more ...
... TRACH CARE Dual Lumen, allows ... the patient end of the ... Swivel Elbow and Direction Tip ... Offers multiple tracheostomy sizes, French ...
Medicine Products: