have been proposed (Morewedge & Giblin, 2015). An attachment theory suggests that ownership creates a non-transferable valenced association between the self and the good. The good is incorporated into the self-concept of the owner, becoming part of her identity and imbuing it with attributes related to her self-concept. Self-associations may take the form of an emotional attachment to the good. Once an attachment has formed, the potential loss of the good is perceived as a threat to the self. A real-world example of this would be an individual refusing to part with a college T-shirt because it supports one's identity as an alumnus of that university. A second route by which ownership may increase value is through a self-referential memory effect (SRE) – the better encoding and recollection of stimuli associated with the self-concept. People have a better memory for goods they own than goods they do not own. The self-referential memory effect for owned goods may act thus as an endogenous framing effect. During a transaction, attributes of a good may be more accessible to its owners than are other attributes of the transaction. Because most goods have more positive than negative features, this accessibility bias should result in owners more positively evaluating their goods than do non-owners. Greater sensitivity to market demands for sellers Sellers may dictate a price based on the desires of multiple potential buyers, whereas buyers may consider their own taste. This can lead to differences between buying and selling prices because the market price is typically higher than one's idiosyncratic price estimate. According to this account, the endowment effect can be viewed as under-pricing for buyers compared to the market price; or over-pricing for sellers compared to their individual taste. Two recent lines of study support this argument. Weaver and Frederick (2012) presented their participants with retail prices of products, and then asked them to specify either their buying or selling price for these products. The results revealed that sellers’ valuations were closer to the known retail prices than those of buyers. A second line of studies is a meta-analysis of buying and selling of lotteries. A review of over 30 empirical studies showed that selling prices were closer to the lottery's expected value, which is the normative price of the lottery: hence the endowment effect was consistent with buyers’ tendency to under-price lotteries as compared to the normative price. One possible reason for