Endowment effect

The endowment effect is when we value something more if it is ours than if it isn't ours. Imagine you have a toy car that you have been playing with for a while. You might think it's worth a lot to you, even though you could probably get the same toy from the store. That's because it's yours, and it feels special to you. It's like you have an extra attachment to it, even though it may not be worth as much to someone else. That's the endowment effect.