Child psychologists observed our clinginess from a very early age. Whether it is a bicycle or a chocolate bar or a mug, we start putting greater value to the object when we own them. Our sense of ownership vividly emerges as soon as the object becomes ours.
We don't like to swap our toys with another one. We demand a heavy price to part ways with our things. We absolutely hate it when original like imitations float around .
In behavioral science this phenomenon is called Endowment effect.
When we own something, we adjust to our new level of ownership and that becomes the baseline to judge future gains and losses.
A famous experiment of mugs and candies displayed the endowment effect.
50% participants were give mugs. The other 50% were given candies. When the researcher asked if the mug owners are willing to swap for candies 91% of them said no.
When they were asked if they are willing to sell their mugs or candies, they quoted a very high price to give up their ownership.
The ownership continues all the way in to our adult life and we find it extremely difficulty to part with our things. This explains our possessiveness, hoarding disorder and more.
When we are on the ownership curve we think differently about gains and losses.
This is why 30-day money back guarantee works in business. Once we own an object at no risk, we find it very difficult to give up. So we hardly return things.
Clinginess is biological.
P.S: Day 1/30
Written for #Write30d challenge of the Guild. The challenge is to write online everyday for next 30 days. Game on 🎉