Chapter
The Value of Outcomes over Effort
1:00:09 - 1:07:03 (06:54)
People are more concerned with achieving their desired outcomes rather than the process it takes to get there, which is why they are willing to pay more for courses that achieve the same thing as a book. This is because it reduces the pain experienced in uncertainty while waiting for outcomes and involves a degree of labor component and effort.
Clips
Richard Thaler's famous beer experiment revealed that the context in which a product is presented greatly influences how much consumers are willing to pay for it.
1:00:09 - 1:01:16 (01:07)
Summary
Richard Thaler's famous beer experiment revealed that the context in which a product is presented greatly influences how much consumers are willing to pay for it.
ChapterThe Value of Outcomes over Effort
Episode#255 - Rory Sutherland - The Psychology Of Irrationality
PodcastModern Wisdom
People are willing to pay more for courses that promise outcomes rather than just the process of learning, with the end goal of achieving a new and improved life.
1:01:16 - 1:04:44 (03:28)
Summary
People are willing to pay more for courses that promise outcomes rather than just the process of learning, with the end goal of achieving a new and improved life.
ChapterThe Value of Outcomes over Effort
Episode#255 - Rory Sutherland - The Psychology Of Irrationality
PodcastModern Wisdom
The concept of "psycho logic" is described as using ingenious methods to reduce the pain of uncertainty while waiting for transportation to arrive.
1:04:44 - 1:07:03 (02:18)
Summary
The concept of "psycho logic" is described as using ingenious methods to reduce the pain of uncertainty while waiting for transportation to arrive. By implementing pre-booked seats on trains, this would not only reduce wait times but also increase efficiency, however, the idea has already been solved by others.