06/29/2023
001: Why Do We Pay the Wrong Price for Things?
Through the experience of having a handmade upcycled piece sell for 9x what it was offered to the world at (where it sat unclaimed), we explore why price is so confusing. In this episode, we explore the following concepts: Value Based Pricing, Cost Based Pricing, Corporate Trust, The Endowment Effect, Cognitive Dissonance, Price Anchoring.
Theme music by Brooks Hamilton /
References:
- Admissions by Henry Marsh
- Predictably Irrational by Dan Ariely
- School of Life: Why We Hate Cheap Prices
- Anchoring Bias: Tversky, A., & Kahneman, D. (1974). Judgment under uncertainty: Heuristics and biases. science, 185(4157), 1124-1131.
- Brain Science with Ginger Campbell, Ep: Cognitive Dissonance with Carol Tavris (BS 175)
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Watch here! https://youtu.be/hCqg9CXiMG4
Through the experience of having a handmade upcycled piece sell for 9x what it was offered to the world at (where it sat unclaimed), we explore why price is ...