Final answer:
The mere ownership effect describes an owner's propensity to value their possessions more than a nonowner would, due to psychological attachment and identity considerations. It illustrates how personal possession can inflate perceived value, distinguishing it from other cognitive biases and effects related to value assessment.
Step-by-step explanation:
The tendency of an owner to assign a higher value to an object than a nonowner would is known as the mere ownership effect. This cognitive bias, which leads owners to appreciate their belongings more than others do, reflects a psychological attachment to the possessions resulting from the fact that they are theirs. The notion is rooted in various psychological theories, including those related to personal identity and endowment effect, where the value of an item increases simply because one owns it.
This is distinct from other similar effects, such as the rub-off effect, which pertains to characteristics attributed to a person based on their associations, or the brand engagement effect, where consumers become attached to a brand due to active interactions with it. The peak experience effect relates to moments of extreme happiness or fulfillment and does not primarily concern ownership or value assessment of objects. Therefore, the correct answer to the question is a. mere ownership effect.