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Cognitive bias time - the IKEA effect 
People tend to place a unrealistically high value on things they helped create.
Studies show that people would value IKEA furniture they assembled themselves 63% more than similar pre-assembled items!
There are real implications
People tend to place a unrealistically high value on things they helped create.
Studies show that people would value IKEA furniture they assembled themselves 63% more than similar pre-assembled items!
There are real implications
Selling 
When we are selling things that we invested effort building or maintaining (like a car or a house), we tend to value it higher than the potential buyers.
When we are selling things that we invested effort building or maintaining (like a car or a house), we tend to value it higher than the potential buyers.
Ideas 
We often think that ideas we have thought a lot about are brilliant, while they may not seem particularly interesting to others.
We often think that ideas we have thought a lot about are brilliant, while they may not seem particularly interesting to others.
Working on projects 
Even worse, people (and especially managers) often continue pouring work and resources into projects they helped develop, even if much better alternatives become available.
Even worse, people (and especially managers) often continue pouring work and resources into projects they helped develop, even if much better alternatives become available.
