How Much Will You Pay?
June, 2010
ARE LESS ABOUT VALUE THAN PSYCHOLOGICAL TRICKERYIn the early 1970s psychologists Daniel Kahneman and Amos Tversky conducted one of the most influential experiments in consumer decision making. They spun a wheel of'fortune for their subjects. Marked with numbers from one to 100, the wheel had been rigged to stop on either 10 or 65. The psychologists then posed a simple, two-part question:(a) Is the percentage of African nations in the UnitedNations less than or greater than the number that jus...
