Steel Notes Magazine December 2016 - Page 114

December 2016 Steel Notes Magazine Alessia Bastianelli – Italy Venice 11.26.2016 Are you ready for shopping? Christmas is coming and some people have already started to buy gifts; others, like me, will wait until the last minute. The stores are ready for Christmas, with all sorts of offers, discounts, promotional sales, etc. Surely each of us believes ourselves to be capable of properly evaluating the economic offers relating to particular items. But is this actually true? Let’s look at some examples. In general, when we evaluate the price of an item, our objectivity is lacking. One would think that we as consumers assign a value to an item by adding up the value of all of the object’s features, such as material, options, size, color, quality, etc. Actually, the assigned value is not obtained by simply summing the value of each feature. Rather, we assign a certain weight to each feature, and to each weight we assign an intrinsic value based on how important the feature is to us. In this way, some features will have a greater assigned weight than others; it is these features that push us to buy the item. 114 Steel Notes Magazine www.steelnotesmagazine.com How many of us have ever foregone purchasing a lower-priced item in favor of a very similar yet more expensive item, just because it had a certain feature that we could not live without? We’ve all done this at least once. Just think about all of the times we buy items only for their brand. More often, the most important thing is not whether the price of an item fairly reflects its value, but rather, the impression that the price makes on us. If the price is very low, usually the quality of the item is perceived as low. But if we perceive the price as to vvRvF@2W6W76fRWfVbB2W&fV7Fǒ&V6&PvfVFR6&7FW&7F72bFR&V7Bf"6RࠤF66VG2&R6W&FRF2`F67W76vVvRfRF66RVFW"ffW"FBvfW2SR&RbFR&GV7B RFBvfW2SRF66VBFR&GV7BW7VǒvRFFW&R2FffW&V6Rf7BF26GVFW"'&2fP7F7FfVǒWfVFVBFRGvffW'22&VpW7FǒFR6R'WBF22B6'&V7B0FW&VF6bFRFF2WVB( ŖRvƲF7F&'V62B6VRGvFV0f"7Wb6ffVRFRf'7BFVffW'232PWG&6ffVRFR6V6BFW232RfbFP&VwV"&6RFRFV2V"F&PWVfVB'WBf7B32RF66VB2FP6R2SW&6VB7&V6RVFG'WBWN( 26FR7FF&B6ffVR2Cf"2V'G0C32W"V'BFRf'7BFVvWG2R@V'G2f"CC#RW"V'BBFR6V6@vWG2R2V'G2f"cb6VG2B#"W"V'B66&FrFF6FW&R&RGv'&B&V62f"vFW6RBbG&60