ON how much more we value items we’ve had a role in selecting

On how much more we value items we’ve had a role in selecting

In general people prefer something freely chosen to the same thing forced upon them. The effect is dramatically revealed in a study that did not directly involve reward or punishment. Lottery tickets costing $1 each were sold to the employees of two companies. Some of the employees were allowed to choose the number of their tickets, others had no choice but were merely handed a ticket. Just before the draw, the experimenter approached each subject offering to buy the ticket back. The subjects who had no choice were prepared to sell back for $1.96 on average, but those who had selected their own tickets held out for an average of $8.67. There could be no better demonstration that we irrationally overvalue what we freely choose.

Excerpt from: Irrationality: The enemy within by Stuart Sutherland

Facebook Comments

Product Geek?

Join over 5,000 product geeks and get one email every Monday containing the best excerpts I've read over the previous week.