Harvey Miller owns a baseball that was hit for a home run by Ted Williams. Harvey, a long-time ...

Harvey Miller owns a baseball that was hit for a home run by Ted Williams. Harvey, a long-time Boston Red Sox fan, recently refused to sell his baseball for $75,000 even though he would not have paid someone more than $10,000 for the baseball if he did not already own it. Harvey explained his decision not to sell the baseball by noting that: "Ted Williams was my hero. This baseball has a great deal of sentimental value for me." Which of the following can explain Harvey's behavior?

• the difference between implicit and explicit costs

• the scarcity of home run baseballs hit by Ted Williams

• the endowment effect

• how social influences can affect consumption choices