The higher the price, the more they value it.

Psychology experiments have shown that the more people pay for something, the more they value it. People given a placebo pill were twice as likely to have their pain disappear when they were told that the pill was expensive. People who paid more for tickets were more likely to attend the performance. When people want the best, they look to the price to tell them what’s great. They think the expensive wine tastes better. They think the expensive headphones sound better. Even when secretly, t...

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