As ASR has science integrated into its name, it is advisable to broaden your horizons from time to time and also look at other areas of science.
In other words, a more general look at how the sale of and/or attachment to a product can change its valuation.
When individuals sell or promote products they are personally involved with—whether through creation, ownership, or entrepreneurship—their objectivity often becomes compromised. A wide body of research from behavioral economics, psychology, and marketing has demonstrated that people systematically overvalue products they are associated with. This distortion in judgment arises from several well-documented cognitive mechanisms.
One of the most robust findings in behavioral economics is the Endowment Effect. Pioneering studies by Kahneman, Knetsch, and Thaler (1990, 1991) showed that people tend to assign significantly higher value to items they own compared to identical items they do not. This bias is not just a matter of personal preference; it reflects a deeper cognitive process linked to loss aversion—the tendency to feel losses more intensely than equivalent gains. When someone sells a product they identify with, their mental "ownership" inflates its perceived worth, leading to unrealistic pricing or exaggerated claims about quality.
Closely related is the concept of cognitive dissonance, introduced by Leon Festinger in 1957. According to this theory, individuals strive for consistency between their beliefs and actions. When someone actively markets a product, especially in public or high-stakes contexts, it becomes psychologically uncomfortable to hold doubts about its quality. To resolve this discomfort, they may unconsciously adjust their beliefs upward, convincing themselves that the product is better than it actually is. This internal rationalization bolsters confidence but reduces critical distance.
Another powerful influence is the self-serving bias—the tendency to attribute success to one’s own abilities while blaming failures on external factors. Sellers and creators are particularly prone to this: if the product sells well, it's seen as evidence of its inherent value (and by extension, their own competence). If it fails, external explanations—such as poor marketing or a "misunderstood" audience—are often invoked. Either way, the feedback loop discourages impartial assessment.
In the entrepreneurial context, these biases converge into what's often called Founder’s Bias or Entrepreneurial Overconfidence. Research on startup behavior (e.g. Zhao et al., 2005) indicates that founders frequently overestimate the appeal, uniqueness, or functionality of their products. This overconfidence can be motivating and even necessary in early business stages, but it can also impair decision-making, market fit evaluations, and openness to criticism.
Together, these effects paint a consistent picture: personal involvement with a product, especially in a selling role, leads to psychological mechanisms that inflate perceived value and reduce objectivity. Sellers may genuinely believe in their product's superiority—not as a deliberate deception, but as a result of unconscious mental adjustments.
To counteract these effects, researchers recommend concrete strategies: seek external, independent evaluations; expose products to critical user feedback; benchmark prices and quality against comparable offerings; and cultivate a mindset of constructive skepticism, even toward one’s own work.