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The higher the listing price, the higher the perceived value, even though, as we know, the actual value to us should be based upon what we would pay. What we would pay, in turn, should be based on opportunity cost, not the asking price.
On another technology platform for only one day—because it was quickly taken down—there was an iPhone app for sale called “I Am Rich.” It simply displayed a few words of affirmation about being rich. It did nothing else. It cost $999.99. Eight people bought it.
When it comes to making financial decisions, what should matter are opportunity costs, the true benefit a purchase provides, and the real pleasure we receive from it compared to other ways we could spend our money.
Ersteindruck
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