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”
History professor Yuval Noah Harari said, "The most distinguishing feature between humans and other animals is the ability to believe not exist imagination." If you eat a banana exchanged with a bill from the chimpanzee, then the chimpanzee must be angry with you. The bill is just a thing to believe non-existent imagination each other in the human world, it's never important and meaningful for the chimpanzee. Unless the belief is to exchange the value, the money is just paper. This belief makes our social community. - Joseph's "just my thoughts"