Tag: wta
-
Episode 5: Consumers overvalue what they have, and that’s a problem.
Another derivative of what I call “ownership bias” is the difference between the willingness to accept money (WTA) and the willingness to pay money (WTP). People exhibit ownership bias when there is something that they feel is theirs; that they own. Let me take you on a quick mind-journey. Your grandfather carefully cut, planed, jointed,…