My phone is worth more
Training 1265 minutesendowment effect
The phone once cost $800. Now it sits in a drawer and someone offers $220. It feels too low: the phone holds so many travel memories.
Training goal: Value the item from the buyer’s side
▶ Play this trainingSituation
1. Three comparable phones sold for $210, $220 and $230. Yours is in similar condition and out of warranty.
- Compare the $220 offer with those sales
- Ask $400 because it is half the original price
- Follow an unsold $350 listing
2. Important photos are stored on it, but they can be copied. You already have a spare phone.
- Add $100 to the price for the special photos
- Keep it solely for the travel memories
- Back up the photos, then decide about the device
3. There is a secure $220 offer today. An intermediary hopes for $240 next month with no guarantee; your goal is to sell within a week.
- Raise the price to $300 because someone is interested
- Accept $220 after verifying payment
- Wait for $240 despite the deadline
4. Before your next sale, you notice the thought: “Other people’s items are worse.” Which check helps?
- Ask what you would pay for the same item elsewhere
- Add a fixed 20% to the market price
- Accept any amount to finish the sale
What you will learn
- Personal value and market price differ
- Completed sales beat expensive unsold listings
- The selling deadline is part of the deal
Your real-life step
Find three completed sales for a comparable item and separately list your personal reasons to keep yours.
Questions and answers
What is the endowment effect?
Ownership can raise subjective value. That does not mean every seller overprices an item.
How do I price a used item?
Compare actual sales with similar condition, accessories and timing. Original cost is only background.
Must I sell a sentimental item?
No. You may keep it for personal reasons without assuming others will pay for that sentiment.
More trainings in this module
- It used to cost $900. So what?
- Leave it as it is?
- Everyone is already going
- Does the queue know best?
- Does a bonus count?
- Today or next week?
Numbers are illustrative. A game, not financial advice.