BIAS OF THE WEEK

Ikea Effect

In one study, researchers asked participants to make an origami by following a series of instructions. 

When asked to give their creation a price, they were willing to pay five times more for it than those who had not crafted it.

We tend to place much more value on things we have built or created ourselves.

See the full study here :

Michael I. Norton, Daniel Mochon, Dan Ariely, The IKEA effect: When labor leads to love, Journal of Consumer Psychology, Volume 22, Issue 3, 2012, Pages 453-460, ISSN 1057-7408, https://doi.org/10.1016/j.jcps.2011.08.002.

Ikea Effect illustration

Want to know more about biases?

Nostalgia effect

Reactive devaluation

Authority Bias

Bandwagon Effect