Common bias known as 'endowment effect' not present in hunter-gatherer societies
Psychology and behavioral economics have experimentally identified a laundry list of common biases that cause people to act against their own apparent interests. One of these biases -- the mere fact of possessing something raises its value to its owner -- is known as the "endowment effect." A new interdisciplinary study has delved into whether this bias is truly universal, and whether it might have been present in humanity's evolutionary past.
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