There is the endowment effect, and then there is the effect of the diminishing marginal value of money. You're talking about the latter and it certainly is reco

There is the endowment effect, and then there is the effect of the diminishing marginal value of money. You're talking about the latter and it certainly is recognized in economics just about as far back in its history as you care to look. But Thaler was trying to demonstrate the former and it's the sort of insight he won the prize for theorizing about.