
Ownership and Perceived Value
Easy
Do you value something more just because you own it? The endowment effect is a well-known pattern in psychology. People tend to place a higher price on items they own than on identical items they do not.
You divide participants into two groups and give each person a mug. One group is told the mug is a gift. The other group is told to return it after the experiment. Both groups then estimate the mug's value.
Compare the two sets of estimates to see whether ownership changes how people judge worth.
Hypothesis
The hypothesis is that a person will value a possession more if they own it.
Method & Materials
You will divide participants into two groups, give each group a mug, and ask them to assess the value of the mug.
You will need participants (at least 8), items for each participant (all the same), and a data sheet.
Results
The results of this experiment showed that the endowment effect is true: people value possessions more if they own them. One observation that stood out was that people were willing to pay more for the mug they owned than for an equivalent mug they did not own.
Why do this project?
This science project is interesting because it helps us understand why people value possessions more if they own them.
Also Consider
Variations to consider include using different items for the experiment, or having participants assess the value of the items before and after they own them.
Full project details
Additional information and source material for this project are available below.Related videos
These videos explain the science behind this project and demonstrate key concepts used in the experiment.
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