Misbehaving

Why are we more likely to forgo the opportunity to sell a GBP100 bottle of wine rather than actually taking money out our wallet to pay for it, when ultimately the 'opportunity cost' of doing so is the same? Why would the 'endowment effect' mean that we value a free ticket worth hundreds of pounds m [...]
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Why are we more likely to forgo the opportunity to sell a GBP100 bottle of wine rather than actually taking money out our wallet to pay for it, when ultimately the 'opportunity cost' of doing so is the same? Why would the 'endowment effect' mean that we value a free ticket worth hundreds of pounds more than the money we would get from selling it? In this new, ambitious work, Thaler presents his findings in behavioral economics and breaks down the biases and irrational tendencies in our thinking, showing us how to avoid making costly mistakes in life.