This phenomenon is called the endowment effect. Once something is given to you, it's yours. Once it becomes part of your endowment, even after a very few minutes, giving it up will entail a loss. And, as prospect theory tells us, because losses are more bad than gains are good, the mug or pen with which you have been endowed is worth more to you than it is to a potential trading partner. And losing {giving up} the pen will hurt worse than gaining {trading for} the mug will give pleasure. Thus, you won't make the trade.
The endowment effect describes how individuals value items more highly simply because they own them. Once an object, like a mug or pen, is received, it becomes part of one’s possessions, and the thought of losing it can feel more painful than the joy of gaining a new item. This psychological bias indicates that the perceived value of an owned item surpasses its objective market value.
This idea aligns with prospect...
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All the things you can talk about in anyone's work are the things that are least important.
Race of Cain, ascend to heaven, And cast God down upon the earth!
