MotivationM1
Endowment Effect
When we have ownership over something, we place a higher value on it.
Strategy card · Convince24 Pathways
The research
In the famous 'mug experiment', participants were given coffee mugs and offered the chance to sell them to participants that did not receive one. Participants that were given a mug valued it at more than double the amount of the other participants who were not given a mug. Simply being 'endowed' with the mug raised how much participants valued it.
Kahneman (1990). Experimental tests of the endowment effect and the Coase theorem.
Once we take ownership of an idea — We love it perhaps more than we should.
Thought starters
Enable people to feel ownership over the benefits that come with the behaviour
Remind people what they will lose out on if they give it up
Explain why the offering is exclusive or make it personal
Try combining with (M7) Loss aversion.