<html><head><meta http-equiv="content-type" content="text/html; charset=utf-8"></head><body dir="auto"><div dir="ltr"><meta http-equiv="content-type" content="text/html; charset=utf-8"><div>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.</div><div><br></div><div>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="caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0);">Though I had intuited it many times I did not know it was a “thing”.</span></div><div><span style="caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0);"><br></span></div><div><span style="caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0);">Long story short</span><span style="caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0);"> it</span> explains why people often seem to ask way more for a tractor that I’m willing to pay.</div><div><br></div><div><a href="https://en.m.wikipedia.org/wiki/Endowment_effect">https://en.m.wikipedia.org/wiki/Endowment_effect</a></div><div><br></div><div><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></div><div><br></div><div><br></div><div>Interestingly, this is true regardless of how long they owned it or whether it had any other type (e.g. nostalgia) of value. </div><div><br></div><div>Unfortunately, the podcast did not describe how I, the buyer, could negotiate my way around this.</div><div><br></div><div>PS: I will be that seller if I ever sell the Pacer. (-;</div><div><br></div><div>Spencer</div><div><br><div dir="ltr">Sent from my iPhone</div></div></div></body></html>