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”
Anything consigned to the open market is likely to be distorted. Stocks, commodities, real estate, ideas, and even intentions lose their original intent, purpose, and value when released into the market. Since every market participant has different intentions and perspectives, it is natural that everything in the open market is distorted. Therefore, the idea that if you do your best, you will succeed is a superstition. If your efforts are gnawing at your soul, don't try your best anymore. Instead, it's far better to love yourself, to cherish yourself, and to comfort yourself. - Joseph’s “just my thoughts”