~ BWANR-R-WUAKOQMTTFOHMWVT-‘VC’-S-AFA-B-MAIAM-OAIM-AY-WATCTCOPOV ~ But We Are Not Rational – Rather – We Use All Kinds Of Quirky Mental Tricks To Figure Out How Much We Value Things – “Value Clues” – Some Are Fairly Accurate But – Many Are Irrelevant And Misleading – Others Are Intentionally Manipulative And Yet We Allow These Cues To Change Our Perception Of Value

~ WFTEIR ~ We Forget That Everything Is Relative

~ WAII-‘OS’-WAMQAWELT-TITPCTSBIMAARP ~ When An Item Is – “On Sale” We Act More Quickly And With Even Less Thought Then If The Product Costs The Same But Is Marked At A Regular Price

~ WWHNIWSSC-WBWMTBD-IWNOOTDM-NGTCOTBO ~ When We Have No Idea What Something Should Cost We Believe We’re Making The Best Decision If We Neither Overspend On The Deluxe Model Nor Go Too Cheap On The Basic One

~ RAAOVAWPA-B-WPOMFAO ~ Relativity Also Affects Our Value Assessment When Products Are Bundled When Products Offer Multiple Features And Options

~ RLIEAOOL-APS ~ Relativity Leaks Into Every Aspect Of Our Lives And Powerful So

~ HTOSTBLAROOAH-AMAROTWIWWCOTO-IMC-TCINHNG ~ Happiness Too Often Seems To Be Less A Reflection Of Our Actual Happiness And More A Reflection Of The Ways In Which We Compare Ourselves To Others – In Most Cases – That Comparison Is Neither Healthy Nor Good

~ TEOAE-IVI-EOAHNII-B-TE-IASH-WRBO-R-A-V-TEE ~ The End Of An Experience Is Very Important – Ending On A High Note Is Important Because The End Informs And Shapes How We Reflect Back On Remember And Value The Entire Experience

~ WC-E&P-O-W&T-ET ~ We’ll Choose Easy And Painless Over Wise And Thoughtful Every Time

~ F-IASP-AY-IIAP ~ Free Is A Strange Price – And Yes – It Is A Price

~ WSIF-WTNTAAC-BATI-TI-WCSFOSTN-ATMNABTBC ~ When Something Is Free – We Tend Not To Apply A Cost-Benefit Analysis To It – That Is – We Choose Something Free Over Something That’s Not – And That May Not Always Be The Best Choice

~ SLAWAOTPECWM-WCHKTIP-ALTIOOL ~ So Long As We’re Aware Of The Pain-Evading Choices We’re Making – We Can Help Keep Them In Perspective – And Limit Their Impact On Our Lives

~ ITOTPWTTM-I-O-TMNBSAGT-CON-WRUOOBWMVJ-ETWNAEOASAOP-AETWNAEOASAWTWA ~ It Turn’s Out The Person We Trust The Most – Is – Ourselves – That Might Not Be Such A Good Thing – Consciously Or Not – We Rely Upon Our Own Brilliance When Making Value Judgments – Even Though We’re Not As Experienced Or As Smart As Other People – And Even Though We’re Not As Experienced Or As Smart As We Think We Are

~ OOIOIMP-AMD-WICTOFI-WIWWALTFPT-A-WWADTAC-BS-TSNHARTOD-WLIIPTDMP-T-I/I-SP-CBTBFFDFTPF ~ Our Overtrust In Ourselves Is Most Pronounced – And Most Dangerous – When It Comes To Our First Impressions – Which Is When We Are Likely To Fall Prey To – Anchoring – When We Are Drawn To A Conclusion – By Something – That Should Not Have An Relevance To Our Decision – We Let Irrelevant Information Pollute The Decision-Making Process – This – Initial / Irrelevant – Starting Point – Can Become The Basis For Future Decisions From That Point Forward

~ CB-WEINIIAWTCOOPAE-A-WWMNDIWTCOPD ~ Confirmation Bias – When We Interpret New Information In A Way That Confirms Our Own Preconceptions And Expectations – Also – When We Make New Decisions In Ways That Confirm Our Previous Decisions

~ WFONTRAAWOPN-TINGFUACOAAN-EIIIAMPEFUAI ~ We Focus On News That Reinforce And Agrees With Our Preconceived Notions – This Is Not Good For Us As Citizens Or As A Nation – Even If It Is A More Pleasant Experience For Us As Individuals

~ THPIAGR-BGPTBTS-HPI-DP-UAAR-‘B’~ The Highest-Priced Items Actually Generate Revenue – By Getting People To Buy The Second-Highest Priced Items – Decoy Pricing – Using Anchoring And Relativity – “Benchmarking”

~ A-HAWE-W-WHSRIOVVWWHNI ~ Anchoring – Has A Weaker Effect – When – We Have Some Rough Idea Of Value Versus When We Have No Idea

~ PPINGOFR-DBEYT ~ Past Performance Is No Guarantee Of Future Results – Don’t Believe Everything You Think

~ EGUTFOO-TFTWCS-AWIEIAA-WFELTTT ~ Effort Gives Us The Feeling Of Ownership – The Feeling That We’ve Created Something – After We Invest Effort In Almost Anything – We Feel Extra Love Toward That Thing

~ IDHTBALP-AIDEHTBARP-B-IWBWHSTDWTC-WIOL-A-WT-OWTP ~ It Doesn’t Have To Be A Large Part – And It Doesn’t Even Have To Be A Real Part – But – If We Believe We Had Something To Do With The Creation – We Increase Our Love – And – With That – Our Willingness To Pay

~ TMWWPIS-TMATIWB-TMWFWOI ~ The More Work We Put Into Something – The More Attached To It We Become – The More We Feel We Own It

~ PVIMBTHTITH ~ People Value Items More Because They Have Them In Their Hands

~ VO-TOF-ETOTOSOAP-WBIC ~ Virtual Ownership – That Ownership Feeling – Enough Taste Or Touch Or Sense Of A Product – Without Buying It Completely

~ LA-WFTPOLMSTWDTSMOP-IATAM ~ Loss Aversion – We Feel The Pain Of Losses More Strongly Than We Do The Same Magnitude Of Pleasure – It’s About Twice As Much

~ SC-OWIIS-WHAHTGUOTI-WSFOHLIITBVITF-BWNR-AINE ~ Sunk Cost – Once We’ve Invested In Something – We Have A Hard Time Giving Up On That Investment – We Should Focus On How Likely It Its To Be Valuable In The Future – But We’re Not Rational – And It’s Not Easy

~ OBDLUATDMUTATEOD-A-WMUSTAFAU?-IILA-E-WTAGDOE-WFMBAPM ~ Our Brains Don’t Like Unfairness And This Dislike Makes Us Take Action To Express Our Displeasure – And – What Makes Us See Things As Fair And Unfair? – It Is Largely About – Effort – When There’s A Great Deal Of Effort – We Feel Much Better About Paying More

~ F-WWVEOO-WPFI-AIIAI-WFMR-AMC-PFI ~ Fundamentally – When We Value Effort Over Outcome – We’re Paying For Incompetence – Although It Is Actually Irrational – We Feel More Rational – And More Comfortable – Paying For Incompetence

~ TE-BIREATTAPF-CAOPOVIWTHLTDWAV ~ Transparent Effort – Because It Reveals Effort And Thus The Appearance Of Fairness – Can Alter Our Perception Of Value In Ways That Have Little To Do With Actual Value

~ WCFADOVT-NFATTT-HLTV-SMOL-WLDCTP-IDCTWWIWIATWWEI ~ We Choose From Among Descriptions Of Various Things – Not From Among The Things Themselves – Herein Lies The Value-Shifting Magic Of Language – While Language Doesn’t Change The Product – It Does Change The Way We Interact With It And The Way We Experience It

~ OAILCASOE ~ Obscure And Impenetrable Language Conveys A Sense Of Expertise

~ R-IOVOTTUITR-RCI-E/P/V-A-OC-WTP ~ Rituals – Increase Our Valuation Of The Thing Used In That Ritual – Rituals Can Increase – Enjoyment / Pleasure / Value – And – Of Course – Willingness To Pay

~ WOE-E-AVTOSVF-EPWM ~ We Overvalue Expectations – Expectations – Add Value To Or Subtract Value From – Every Purchase We Make

~ PPISNGOFS-BGTTTOE ~ Past Performance Is Simply No Guarantee Of Future Success – But Go Tell This To Our Expectations

~ WTA-E-WEMFT-A-WTAC-WEL ~ When Things Are – Expensive – We Expect More From Them – And – When They Are Cheap – We Expect Less

~ WDWHSAHTWS-C?-IB-WTTVCTRN-ITP-MMHTWVTITF ~ Why Do We Have Such A Hard Time With Self-Control? It’s Because We Tend To Value Certain Things Right Now In The Present Much More Highly Than We Value Them In The Future

~ TOIAEAUS ~ Tricking Ourselves Is An Easy And Useful Strategy

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