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endowment effect
endowment effect The endowment effect is the tendency in an exchange situation for people to keep an item they have been given rather than swap it for an equivalent one.
The endowment effect is the tendency in an exchange situation for people to keep an item they have been given rather than swap it for an equivalent one. In the source, this refusal to exchange is described as depending in part on the social meaning of the item, such as whether it is understood as a gift within a particular cultural context.