I'm reading about Endowment Effect on Wikipedia.
One of the ways of stating it seems to be
People's maximum willingness to pay (WTP) to acquire an object is typically lower than the least amount they are willing to accept (WTA)
There is a long list of explanations on the page, a lot of them attributing it to psychological factors, but I was wondering if it could be a product of rational reasoning that when you have owned a an object, you have had time to inspect it and use it in various ways. On the other hand, when you have to buy it, that assurance of quality isn't present, and hence the difference between the value.
I was wondering if this reasoning could be a valid explanation or not, and if it can be then if it has been already suggested as an explanation.