Now that we are on the same page when it comes to perceptual reality, lets discuss a technique on how you can change perception.

Check out the video below on Market vs. Social Norms.

 

The Market vs. Social Norms concept is an example of behavioral economics hard at work. Basically, you can increase the utility of the $20 by giving it in the form of wine instead of money.

Professor Ariely does a great job of explaining behavioral economics. His experiments give us a glimpse into how we make our decisions and how we feel about those decisions afterwards.

Great insights for someone who wants to create a better perceptual reality surrounding their brand.

We’ve put together a playlist of some of his better youtube videos.