Understanding Perceived Value.

A few years ago an experiment was done by a team of Cornell psychologists involving chocolate brownies. This wasn’t just a taste test but in fact was the giveaway of a chocolate brownie to customers under the condition that they gave feedback on two things: how they rated the brownie and what price they would be prepared to pay for the brownie the next time they are in? The most interesting part of this behavioural economics experiment is that people were served the brownie in 3 different ways: On a napkin On a paper plate On a china plate So […]

Understanding Perceived Value.
A few years ago an experiment was done by a team of Cornell psychologists involving chocolate brownies. This wasn’t just a taste test but in fact was the giveaway of a chocolate brownie to customers under the condition that they gave feedback on two things: how they rated the brownie and what price they would be prepared to pay for the brownie the next time they are in? The most interesting part of this behavioural economics experiment is that people were served the brownie in 3 different ways: On a napkin On a paper plate On a china plate So […]