Endowment Effect

Human beings are terrible at judging the true value of their own things. Psychologists call this the endowment effect. The moment we own something, we instantly believe it is worth much more than it actually is. A stranger might see your old phone as trash, but you see it as valuable simply because it belongs to you. Ownership blinds us. This simple trick of the mind makes us hold onto things we should let go of, purely because we hate the feeling of losing what is ours.