New equation reveals hidden value in what you're willing to pay.
The article explores why people are often willing to accept more money to give up something than they are willing to pay to acquire it. By analyzing past studies and experiments, the researchers found that this difference is due to the existence value of an item, which cannot be bought or sold. They developed an equation to calculate this existence value for each item, showing how it can change over time. This new understanding can help explain why people value things differently when buying or selling them.