Mark is reluctant to sell his car.He says that his car is of great significance to him even though most people who owned a similar car have sold it.Mark is not willing to let go of the car because he considers it to be invaluable.Mark's belief about his car is an example of
A)the endowment effect.
B)the Flynn fallacy.
C)functional fixedness.
D)fixation.

Question

Quizplus · Accepted Answer

Mark's reluctance to sell his car despite the fact that he could make money by selling it is an example of the endowment effect, which refers to the tendency of people to value an object more highly simply because they own it. This bias can make it difficult for individuals to make rational decisions about selling possessions, as they may overestimate their value based on their personal attachment to the item. The other options (B, C, and D) do not accurately describe Mark's situation.

Mark Is Reluctant to Sell His Car