139. Endowment Effect: Why We Like Our Stuff More, a Behavioral Economics Foundations Episode

<p><span style="font-weight: 400;">Today we will be digging in on the endowment effect. This concept is similar to a few you have heard on the show before, including loss aversion, the IKEA effect and even a little bit of reciprocity mixed in there. While they are similar, they are not the same. </span></p> <p><span style="font-weight: 400;">The endowment effect is super impactful for all kinds of businesses. Everything from physical products to services, online versus brick and mortar shops; all can use the endowment effect to improve sales. And, yes, this even comes up when discussing change with members on your team (which I won’t really get into today, see the Change Management episode link below for more on that). Listen to this episode and download your freebie worksheet to get tips for how you can use the endowment effect in your business. </span></p> <h4><span style="font-size: 10pt;"><strong><em>I hope you love everything recommended via The Brainy Business! Everything was independently reviewed and selected by me, Melina Palmer. So you know, as an Amazon Associate I earn from qualifying purchases. That means if you decide to shop from the links on this page (via Amazon or others), The Brainy Business may collect a share of sales or other compensation.</em></strong></span></h4> <h3><span style="font-weight: 400;">Show Notes:</span></h3> <ul> <li><span style="font-weight: 400;">[00:41] In this episode, you’ll learn what the endowment effect is, how it works, and tips on how you can use it.</span></li> <li><span style="font-weight: 400;">[02:15] EXCITING NEWS! This week, an article came out in Psychology Today called</span> <a href="https://www.psychologytoday.com/us/blog/the-anatomy-hype/202102/21-psychology-podcasts-every-businessperson-should-listen"> <span style="font-weight: 400;">21 Psychology Podcasts Every Businessperson Should Listen To</span></a><span style= "font-weight: 400;">. I’m so honored to say that The Brainy Business made the list!</span></li> <li><span style="font-weight: 400;">[03:04]