Query theory was initially developed by Eric J. Johnson, Gerald Häubl, and Anat Keinan[REF] as an attempt to explain the endowment effect.
Query theory argues that when an individual is asked to give the amount of money he'd be willing to purchase the product for (Willingness to Pay or WTP) or willing to sell the product for (Willingness to Accept, or WTA), a series of mental queries must be addressed.