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”
Some question the need for ethics and a mission in business, even when the company is profitable. A transaction involves meeting needs and recognizing values, both of which connect to “morality.” Trust underpins all transactions, and morality is its foundation. While anyone can err, it is our moral obligation to make amends. Though it may be tempting to disregard that morality by persisting in trade, there are decisions that, without an ethical framework, can lead to irreversible consequences. This is not merely a mistake. - Joseph’s “just my thoughts”