Endowment effect.

Tendency to undervalue things that aren’t ours and overvalue that which is. Very similar to sunk cost bias. Prevents us from ditching things which have inadequate value against the tradeoff made keeping them. To combat: “How much would I spend to obtain this?”rM4 Iceboxing may be effective too.

  1. Greg McKeown, Essentialism: The Disciplined Pursuit of Less, First Edition (New York: Crown Business, 2014). (See notes.)