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PROVO — Have you struggled to sell that couch, table or anything else online?
Well, a new study authored by a BYU marketing professor and two University of Utah students may have the answer. They believe you’re overvaluing the object you’re trying to sell because you’re too attached to the object, according to the study that was published in the “Journal of Neuroscience, Psychology and Economics.”
The researchers tested about 400 subjects by manipulating them into having a physical attachment to a mug using a visual-tactile neuroscience experiment before they were asked how much the mug should be sold for.
Those who felt any form attachment to the mug during the experiment said the mug should be valued at $6 and those who didn’t feel attachment valued it at $4.77, according to the study.
BYU marketing professor Tamara Masters, who co-authored the study, said it is an example of biases sellers have that affect the selling decision process, which leads to an unwillingness to sell it at anything other than above market value.
“If you’re finding that no one is willing to buy something from you for the price you’re asking, then your price is wrong,” she said in a news release. “You’re too attached and you don’t want to lose it.
“Some people get attached to objects and others hate losing objects. If you have both of these things, you will sell them for much more than buyers in the market think they are worth.”
Editor's note: The content of this article was taken from a press release sent out by BYU. This is not information gathered by KSL.com reporters.
