The endowment effect
"For most things are differently valued by those who have them and by those who wish to get them: what belongs to us, and what we give away, always seems very precious to us." — Aristotle, The Nicomachean Ethics book IX (F. H. Peters translation) "The best thing with having a Black Lotus, is that you have a Black Lotus" — Martin Beer (paraphrased) Back in my student days, I had a ritual of sorts at the start of every summer. If you go for higher education in Sweden, you get a small stipend and a loan every month to cover your basic needs. During summer there are typically no classes however, and you'll have around three months each year without that “student income”. So the reasonable thing is to find some seasonal work to pay the summer bills. My seasonal employments as a student included grocery stores, home care facilities, janitorial work, postal services, retirement homes and stock houses. One summer I worked down the harbor, unloading co