Effects of Ownership. It refers to valuing what one owns from one’s own perspective. The competition to buy tickets for the Duke University basketball game was very fierce, so the university decided to distribute tickets through a lottery. Some students applied for the same ticket, and among them, the winning students and dropout students were asked about their valuations: the winners were asked how much they would sell the ticket for, while the dropout students were asked how much they would buy it for. The lowest selling price from the winners was $2,410, whereas the highest buying price from the dropout students was $170. The difference was substantial. When asked why they thought so, ticket holders considered the value of giving up the ticket, while ticket buyers considered the value of exchanging cash for it. In other words, possession represented the benefit of sacrificing something else. Value judgments depend on what we own. - Joseph’s “just my thoughts”
Famous for his book "The Gun, the Germs and Steel," the great scholar "Jared Diamond" speaks 13 foreign languages. Once he made the wrong decision to change his job. He wanted to leave the field of science behind and become a "simultaneous interpreter." In the United States, however, speaking 13 languages seemed competitive, but being able to speak many languages in other parts of the world could not be competitive. Before doing a preferred occupation or doing something better than others, you should calmly be able to figure out your field of action first. - Joseph’s "just my thoughts"