[AT] Antique tractors that are too expensive

[Jim Becker]

In other words, everyone wants to buy wholesale and sell retail.

From: Spencer Yost 
Sent: Saturday, December 21, 2019 11:13 PM
To: at at lists.antique-tractor.com 
Subject: [AT] Antique tractors that are too expensive

 
We have all seen it:  the tractor the seller is asking way too much for.  Or conversely; why buyers don’t show up for our obviously wonderful tractor that we post in EBay/Craigslist/whatever.

So listening to podcasts tonight, I ran across a podcast that was discussing many things, including a discussion with a psychologist from Berkeley who was explaining the “endowment effect”. I was unaware of this. Though I had intuited it many times I did not know it was a “thing”.


Long story short it explains why people often seem to ask way more for a tractor that I’m willing to pay.

https://en.m.wikipedia.org/wiki/Endowment_effect

https://scholar.google.com/scholar?hl=en&as_sdt=0%2C34&q=endowment+effect&oq=endowment+


Interestingly, this is true regardless of how long they owned it or whether it had any other type (e.g. nostalgia) of value. 

Unfortunately, the podcast did not describe how I, the buyer, could negotiate my way around this.

PS:   I will be that seller if I ever sell the Pacer. (-;

Spencer

Sent from my iPhone


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