Endowment Effect

Bias

“She didn’t care which of the two offices she would get, but a day after the announcement was made, she was no longer willing to trade. Endowment effect!”
“These negotiations are going nowhere because both sides find it difficult to make concessions, even when they can get something in return. Losses loom larger than gains.”
“When they raised their prices, demand dried up.”
“He just hates the idea of selling his house for less money than he paid for it. Loss aversion is at work.”