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tinitingnan @adityadedhia/Predictably Irrational: Irratโฆ
3ย weeks, 5ย days ago - microblocks
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"There's an old saying, "One man's ceiling is another man's floor." Well, when you're the owner, you're at the ceiling; and when you're the buyer, you're at the floor," (Ariely).
Conventional economic theory does not account for the fact that the perceived utility for the buy and seller are at two extremities, likely leading to no sale deadlock unless the buyer feels as if he is 'settling' for a lower price. Ariely explains that the things we own are of higher perceived value compared to the buyer, "Suppose you decide to sell your old VW bus. What do you start doing? Even before you've put a FOR SALE sign in the window, you begin to recall trips you took...Unfortunately, the buyer of the VW is more likely to notice the puff of smoke that is emitted as you shift from first into second; and the buyer of your house is more likely to notice the strip of black mould in the corner," (Ariely).
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