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BBCNEWS Talking Business June 4, 2024 16:43:00

That is something that scientists call the price quality heuristic. and that means that not only the high quality influences the price which is how we usually think about the world no, the price also influences the quality perception, and that has been shown in a number of incredibly interesting studies. for instance, it s been shown that the same wine, the same wine tastes better if it s designed to be expensive. also, painkillers. the placebo effect of a painkiller is much stronger if you label that painkiller as an expensive painkiller as opposed to a cheap painkiller. and, kai, what do you think about companies using shrinkflation? you know, keeping prices the same, but making the product smaller? i mean, is that effective? if shrinkflation is ....

Placebo Effect ,

BBCNEWS Talking Business June 4, 2024 10:43:00

That is something that scientists call the price quality heuristic. and that means that not only the high quality influences the price which is how we usually think about the world no, the price also influences the quality perception, and that has been shown in a number of incredibly interesting studies. for instance, it s been shown that the same wine, the same wine tastes better if it s designed to be expensive. also, painkillers. the placebo effect of a painkiller is much stronger if you label that painkiller as an expensive painkiller as opposed to a cheap painkiller. and, kai, what do you think about companies using shrinkflation? you know, keeping prices the same, but making the product smaller? i mean, is that effective? ....

Placebo Effect ,

BBCNEWS Talking Business June 4, 2024 23:42:00

Suggest that we would always choose the best value. but that s not always the case. i m wondering, do consumers find reassurance in higher prices? indeed. that is something that scientists call the price quality heuristic. and that means that not only the high quality influences the price which is how we usually think about the world no, the price also influences the quality perception, and that has been shown in a number of incredibly interesting studies. for instance, it s been shown that the same wine, the same wine tastes better if it s designed to be expensive. also, painkillers. the placebo effect of a painkiller is much stronger if you label that painkiller as an expensive painkiller as opposed to a cheap painkiller. ....

Placebo Effect ,

BBCNEWS Talking Business June 4, 2024 16:43:00

That is something that scientists call the price quality heuristic. and that means that not only the high quality influences the price, which is how we usually think about the world. no, the price also influences the quality perception, and that has been shown in a number of incredibly interesting studies. for instance, it s been shown that the same wine tastes better if it s designed to be expensive. also, painkillers. the placebo effect of a painkiller is much stronger if you label that painkiller as an expensive painkiller as opposed to a cheap painkiller. and kai, what do you think about companies using shrinkflation? you know, keeping prices the same, but making the product smaller? i mean, is that effective? shrinkflation is effective. depends very much on the ....

Placebo Effect ,

BBCNEWS Talking Business June 4, 2024 10:43:00

Indeed. that is something that scientists call the price quality heuristic. and that means that not only the high quality influences the price, which is how we usually think about the world. no, the price also influences the quality perception, and that has been shown in a number of incredibly interesting studies. for instance, it s been shown that the same wine wanted the same wine tastes better if it s designed to be expensive. also, painkillers. the placebo effect of a painkiller is much stronger if you label that painkiller as an expensive painkiller as opposed to a cheap painkiller. and kai, what do you think about companies using shrinkflation? you know, keeping prices the same, but but making the product smaller? ....

Placebo Effect ,