The endowment effect at work

The Weird Psychology of Returning Stuff to the Store

In 2013, a mountain climber named Chad Thomas told The Wall Street Journal that he’d returned a backpack to the outdoor-clothing and -gear retailer REI earlier that year — a backpack that he had, by the way, originally purchased in 2004. Nine years later, it “was getting old and dirty, and I didn’t like it anymore,” Thomas told WSJ. (You don’t say.) At the time, REI had an unlimited return policy, so the store in San Ramon, California, not only accepted the backpack’s return but gave Thomas an additional $17 to match the item’s current price. ….[READ]


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