put perceived value ahead of real value Researcher Dan Ariely offered teams of 12 students to opportunity to take home a slab of bear, valued at $35.00 if they dressed up in ridiculous clothing and run in an all-night marathon. All students presented with the offer agreed and completed the task. Would you do such […]

put perceived value ahead of real value Researcher Dan Ariely offered teams of 12 students to opportunity to take home a slab of bear, valued at $35.00 if they dressed up in ridiculous clothing and run in an all-night marathon. All students presented with the offer agreed and completed the task. Would you do such a thing for $2.92 ($35.00/12 students)? Ariely also observed, in his home town, a line running all the way down the street from a new ice cream shop offering FREE ice creams. The ice creams were valued at $4.00 and the line was moving very slowly. Would you stand in line for 30 minutes to receive 2 – $2.00 coins? The answer to both of the questions I have asked her is almost certainly – NO, in both cases. So what is happening here? Ariely’s conclusion was that any offer has a real value (say…