Image via WikipediaRecently, scientists uncovered more evidence to what they're calling "the endowment effect," which is a human tendency to place more value on things they own. As noted in the Economist, this effect may be the result of primordial human behavior due to scarcity of goods in tribal villages, but this irrationality is still seen in modern life.While this study focuses on physical goods already owned, it also raises questions about things or ideas people collectively own. Let's take brands, for example. In reality, a brand can be viewed as the collective perceptions of a good or service (or person for that matter). And while a company can claim this intangible asset as intellectual property, the consumer interaction with the brand can be considered ownership one another level. I think we can spot a few excellent examples of the endowment effect in marketing's storied past. New Coke, anyone?
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