Look, but don't touch

FreeExchange:

TYLER COWEN passes along interesting new research on the power of the endowment effect:

A new study suggests that just fingering an item on a store shelf can create an attachment that makes you willing to pay more for it.
Previous studies have shown that many people begin to feel ownership of an item - that it "is theirs" - before they even buy it. But this study, conducted by researchers at Ohio State University, is the first to show "mine, mine, mine" feelings can begin in as little as 30 seconds after first touching an object.

This, of course, is why we recommend that our readers pick up and peruse the latest print edition of The Economist whenever possible. It's also why parents must be careful to keep their child's hands firmly in his pockets when passing through the toy aisle. As the write-up of the story makes clear, this is another economic truth of which retailers were already well aware. Everything from test drives at car dealerships to toy packaging designed to allow children to play with an unopened item relies on the principle.

I'd also be interested to see if the effect varies based on the number of similar items left, or on whether someone else has just handled the product. One might also assume that online purchases are more reflective of consumer tastes, given the imposed distance between buyer and product. Presumably, the mere act of placing something in an e-tail "shopping cart" doesn't have quite the same effect.