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<p class="MsoNormal">While I didn’t have a name for this, either, I have wondered about my own sense of the value of something at auctions. I found myself willing to buy something at a price and then being aware that I wouldn’t part with it for that price,
or sometime quite a bit more, even factoring in when I was maxed out on the bidding price. Having become aware of this, I am more inclined than I used to be to accept offers at the auction for part of a lot that I just bought.
<o:p></o:p></p>
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<p class="MsoNormal">Indeed, “know thyself” is good and reading about endowment effect helps with that!<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Bill Brueck<o:p></o:p></p>
<p class="MsoNormal"> Pine Island, MN USA<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal"><b>From:</b> AT <at-bounces@lists.antique-tractor.com> <b>On Behalf Of
</b>Spencer Yost<br>
<b>Sent:</b> Saturday, December 21, 2019 11:13 PM<br>
<b>To:</b> at@lists.antique-tractor.com<br>
<b>Subject:</b> [AT] Antique tractors that are too expensive<o:p></o:p></p>
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<p class="MsoNormal">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.<o:p></o:p></p>
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<p class="MsoNormal">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. <span style="color:black">Though
I had intuited it many times I did not know it was a “thing”.</span><o:p></o:p></p>
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<p class="MsoNormal"><span style="color:black">Long story short it</span> explains why people often seem to ask way more for a tractor that I’m willing to pay.<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal"><a href="https://en.m.wikipedia.org/wiki/Endowment_effect">https://en.m.wikipedia.org/wiki/Endowment_effect</a><o:p></o:p></p>
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<p class="MsoNormal"><a href="https://scholar.google.com/scholar?hl=en&as_sdt=0%2C34&q=endowment+effect&oq=endowment+">https://scholar.google.com/scholar?hl=en&as_sdt=0%2C34&q=endowment+effect&oq=endowment+</a><o:p></o:p></p>
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<p class="MsoNormal">Interestingly, this is true regardless of how long they owned it or whether it had any other type (e.g. nostalgia) of value. <o:p></o:p></p>
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<p class="MsoNormal">Unfortunately, the podcast did not describe how I, the buyer, could negotiate my way around this.<o:p></o:p></p>
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<p class="MsoNormal">PS: I will be that seller if I ever sell the Pacer. (-;<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">Spencer<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">Sent from my iPhone<o:p></o:p></p>
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