BBCNEWS Talking Business June 4, 2024 23:42:00
Suggest that we we would always choose the best value. but that's 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 wanted the same wine tastes better if it's designed to be expensive. also, pai...