001: Why Do We Pay the Wrong Price for Things?
from The Why Intercept Hosted by Sumedhaa Kothari
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 / @brohama 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) If you learned something you loved or have thoughts for improvement please do not hesitate to reach out in the following places: Instagram: @by.sume Website: bysume.com TikTok: @by.sume Youtube: @bysume
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