~ 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