The You Project
#1771 The Psychology Of Value - Harps
Jan 19, 2025
What defines value? The podcast dives into intrinsic versus perceived value, exploring why people might pay a fortune for things like designer handbags. It examines how scarcity and social proof shape our worth assessments. The impact of emotions on what we find precious—like a sentimental letter from Grandma—is discussed, as well as marketing's role in perceived value. Listeners learn about the IKEA effect and how branding influences buying decisions. It's a captivating exploration of what really drives us to assign value in our lives.
39:55
AI Summary
AI Chapters
Episode notes
Podcast summary created with Snipd AI
Quick takeaways
- The distinction between perceived value and intrinsic value underscores how subjective experiences and narratives shape our understanding of worth.
- Understanding scarcity, social proof, and emotional connections helps individuals and businesses effectively navigate and influence consumer behavior around value.
Deep dives
Understanding Value: Perceived vs. Intrinsic
Value can be categorized into two main types: perceived value and intrinsic value. Perceived value is influenced by the stories we tell ourselves and those told by others regarding the worth of a product or service. For example, an individual may perceive a trainer's rate as reasonable based on prior experiences or recommendations, while another may find it excessive due to different expectations or social conditioning. Conversely, intrinsic value relates more to the practical significance or utility of an item, such as a reliable car meeting one’s transportation needs without concern for its brand prestige.
