We can learn a lot from the psychology of financial decisions to help avoid losing money
By Deirdre Robertson , ESRI
We need your consent to load this rte-player contentWe use rte-player to manage extra content that can set cookies on your device and collect data about your activity. Please review their details and accept them to load the content.Manage Preferences The people who thought they were buying from a local corner shop were willing to pay, at today’s prices, around €4. The people who thought they were buying from a fancy hotel were willing to pay over €7. Now of course we might not expect to get a beer from a fancy hotel for less than €7. But in that case, we should be willing to pay €7 for the beer from the local corner shop as well.
The reason we aren’t, is that we don’t just think about price when buying something: we are also influenced, sometimes unknowingly, by how fair we think the price is and by anything that signals quality. This makes it very easy to influence us into paying more by indicating that something is high quality, even when it’s not. Be wary of sales pitches that suggest a difference in quality where there isn’t one.
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