When we are bereft of something, that thing becomes more valuable to us.
You are willing to pay higher for a bottle of water when you are thirsty.
You are willing to pay higher when you experience a baneful illness.
You are willing to pay higher when you are craving for social status increase.
An item raises in perceived value when it can obviate your raging desire.
It is easier to come up with a list of others’ shortcomings than our own. It...
Being pettily calculative is a good economic principle. Won’t pay the extra ten cents even if...
People dislike confrontation. When faced with a minor dispute, we tend to ignore it or at...
You are halfway through your project completion, but you now know that it will no longer...