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Context is king
Posted by Shawn Callahan - 10/09/08
Filed in .
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In case there are still people out there who believe we act as rational decision makers, take this scenario.
You're in a shop to buy a new ipod and you hear from a friend that two blocks down the street you can get the same one $50 cheaper.
Do you go?
Yes. Of course. It's $50 buck straight back in your pocket.
You are in a shop buying a multi-thousand dollar flat-screen TV. You hear from a friend that you can get the same TV two blocks down the street for $50 cheaper.
Do you go?
Of course not. It's not worth the effort.
BUT IT IS THE SAME $50 IN YOUR POCKET IF YOU DO!
Comments
Maybe you wouldn't. I would, and then I'd report back to the first store to see if it could give me a better deal.
I got a similar question from a professor - you buy very expensive tickets to a game/show/event you've always wanted to see. You get there (all dressed up, got a babysitter, etc.), only to discover you've lost the tickets. Do you buy more? Probably yes. But would you buy more if you'd made the discovery the day before the event? A week before?
Posted by: Kathleen at September 11, 2008 7:20 AM
My mother definitely would as well. In fact she has been know to drive for over 30 minutes to get three tubs of butter for a saving of a couple of bucks and not realising the petrol costs.
Your ticket example is a beauty. I'd imagine many people wouldn't buy the new tickets if the discovery was made earlier unless it was an Arctic Monkeys concert.
Posted by: Shawn Callahan
at September 11, 2008 8:39 AM
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