““He distributed coffee mugs to half of the students and told them they could either take the mug home or sell it at a price they could specify. The other half of the students who didn’t get a mug were asked how much they would be willing to pay for a mug. In other words, Thaler set up a market for coffee mugs. One would expect that roughly 50 percent of the students would be willing to trade—to either sell or buy a mug. But the result was much lower than that. Why? Because the average owner would not sell below $5.25, and the average buyer would not pay more than $2.25 for a mug. We can safely say that we are better at collecting things than at casting them off. Not only does this explain why we fill our homes with junk, but also why lovers of stamps, watches, and pieces of art part with them so seldomly.””
