I chanced upon a stall that sells chicken rice for $2 and saw many people queueing for it. Knowing what to expect but curious, I went to purchase them for lunch. Not too far away from the stall, there is another chicken rice stall that sells for $4.
The $2 chicken rice was packed with lots of rice and 3 thin piece of the chicken. Not that I am complaining, but I ended up finishing the chicken with my rice still more than half left.
Here, I am not going to talk about the capacity to eat nor greed versus need.
What I am going to talk about in this story is the concept that has been used by many marketing experts out there that take advantage of humane’s predictably irrational mind.
Based on the book Predictably Irrational by Dan Ariely, human nature tends to define value on a relative …