I wanted to bring up maslow's hierarchy of needs cause tit came up as you were talking in my mind. And our ability to trade with other people is focused on, what is the utility of this item? Can i eat this? Does it keep me warm? Those are the physiological needs, and that's at the bottom of the pyramid. But once those are met, and for a lot of people, at least in developed countries, those needs are met,. Therefore you move up that hierarchy to things like safety needs, love and belonging, esteem. That's where you see things like self esteem, status, recognition, freedom, respect. The final thing is self actualization.
In this episode, Cal and Steph discuss the subjective nature of pricing. They explore how a value extends beyond utility or the physical nature of an asset (think luxury items, NFTs, etc) and use these ideas to explore new pricing models, including tiered, retention-based, and completion-based pricing.
They also explore how our own psychology can inhibit use as consumers to spend on what's most meaningful and the importance of unlearning certain spending habits.
If you find the psychology of money as fascinating as we do, give this episode a listen.
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