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WE VALUE IT MORE IF WE PAY MORE FOR IT...
Manage episode 448328801 series 3567854
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This week I want to talk to you about how we always seem to value something more if we pay more for it.
Have you ever noticed like me that you always tend to value something more when you pay more for it? This psychological phenomenon is called 'The Endowment Effect' and is another unconscious bias that causes people to value something more, simply because they pay more money for it.
Many studies have shown that when people pay a higher price for a product or service, they place a higher value on it unconsciously. This is because paying for something gives people a sense of ownership and investment, so they believe the item is more valuable to them than it may actually be.
You have to remember that value is not always the same as price, so please bear this in mind when you make any purchasing decisions, so you can try to understand the true worth of something to you, rather than what you actually are paying for it.
Here are some examples:
- Someone who works hard and saves up for months to buy an expensive item will usually value it much more than a similar item that they may receive as a gift.
- Someone who pays extra for expedited shipping on an order will usually perceive the product as being more valuable to them than if they had opted for standard shipping.
- Someone who spends a significant amount of money on a meal at a restaurant may savour and appreciate each bite more than if they had eaten a cheaper meal.
But the concept of value of anything is always subjective and can be influenced by other factors beyond just the price. For example, something that holds sentimental value, has a special meaning attached to it, or items that are rare or unique, may be valued more, despite their actual cost.
So, this week, remember that value is always subjective and it's therefore important to remember that true value is mostly based on personal preference or utility and you must consider everything that contributes to your appreciation of something, not just the price tag!
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