Behavioural economists call this the endowment effect; we overvalue things we already own, use or have committed to, and the when someone puts in a low offer.

However, this assumption has been shown in repeated experiments to be incorrect because of the endowment effect.

Status quo bias interacts with other non-rational cognitive processes such as loss aversion, existence bias, endowment effect, longevity, mere exposure, and regret avoidance.

The authors also ruled out the explanation that lack of experience with trading would lead to the endowment effect by conducting repeated markets.

This argument, supported by empirical results over a series of experiments, explains the endowment effect simply.