Beyond the Mere Ownership and Endowment Effects Over-Valuing Objects Lost and Found

Abstract

Do owned objects become more valued if lost and found? In Experiment 1, Prolific participants (n = 128) imagined having lost a laptop. The results showed a preference for finding the laptop instead of replacing it with a new at no cost. The preference was even stronger if the laptop had been used longer (2 months instead of 2 days) and was certain to be found without any cost. Experiment 2 recruited additional Prolific participants to investigate the role of positive affect evoked by finding or expecting to find a lost object. In a Lost condition (n = 50), participants imagined having lost an expensive pair of gloves which later was found. Compared to a No Loss condition (n = 50), preference to keep the gloves was higher. Increased value and positive affect partially mediated this preference.