A conversation at a restaurant which a colleague and I frequently visit:
"I notice you keep ordering the Biriyani + extra chicken combo but don't end up eating the extras. Why do you order the extras then?"
"Biriyani costs Rs. 60. With the combo, it is Rs. 70. Only more by Rs. 10.", came the reply.
So, here we have someone willing to lose Rs. 10 just to get the satisfaction of getting a better perceived value.
Apparently, it is not a strange behavior.
At an experiment in a college, 100 students were asked to choose between
1. eBook for $15
2. Print of the same book for 125
95% chose the former.
Later a different set of 100 students, were asked to choose between
1. eBook for $15
2. Print of the same book for 125
3. Print of the book + eBook for 125
85% chose the 3rd option. Apparently, the notion of 'perceived' value affects judgement.
Below is an eye opening video illustrating the above mentioned experiment.
Planning to test these concepts on my Manager for the appraisal :)
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