Ali is having a garage sale.He is trying to sell an old alarm clock for R200, an old pair of sneakers for R400, and an old TV set for R1 000.These prices are way too high.Since Ali owns these products, they seem to him to be more valuable than they really are.This phenomenon is known by social psychologists as ____.
A)lateral shrinkage
B)product affinity
C)personal use shrinkage
D)the mere ownership effect

Question

Quizplus · Accepted Answer

The phenomenon where people ascribe more value to items they own is known as the mere ownership effect. This is evident in Ali's case where he perceives his possessions to be worth more than their actual value. Therefore, the best choice is D - the mere ownership effect.

Ali Is Having a Garage Sale