We over-value what we already have
We over-value what we already have.
Duke University’s basketball team does consistently well and its small gym is always sold out. People have to camp out to get into a lottery for the right to buy a ticket. For one game, a psychologist posed as a scalper offering to set up a deal for losers to buy a ticket and winners to sell. The average buyer was willing to pay $170. The average seller wouldn’t accept less than $2400. The potential buyers spoke of it as being the equivalent of an evening out with friends plus drinks. The potential sellers justified their price by describing it as priceless, irreplaceable memories and stories for the grandkids. This seriously distorted their perception of the true value of the tickets.
Be it our family home, car, job, boss or favourite TV show, we over-value what we currently have.
People toss around the terms “ownership” and “buy-in” in workplaces a lot but what do they actually mean when it comes to performance and behaviour? The more work you put into something or the greater the time, emotion, & commitment invested, the greater the depth and sense of ownership.
How do you generate this with your people?