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Costly placebo works better than cheap one

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posted on Mar, 5 2008 @ 05:10 AM
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Costly placebo works better than cheap one


www.physorg.com

A 10-cent pill doesn't kill pain as well as a $2.50 pill, even when they are identical placebos, according to a provocative study by Dan Ariely, a behavioral economist at Duke University.
(visit the link for the full news article)


Related News Links:
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posted on Mar, 5 2008 @ 05:10 AM
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Sweet! I'm getting into the snake oil business. There's money to be made there


www.physorg.com
(visit the link for the full news article)



posted on Mar, 5 2008 @ 05:26 AM
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It’s an interesting psychological phenomenon this ‘perceived worth’ thing. I’ve heard of products that were priced too cheaply and didn’t sell a bit, that when repackaged and sold at 10 times the price flew off the shelves. Silly sheeple.


edit for sp

[edit on 5-3-2008 by resistor]



posted on Mar, 5 2008 @ 05:47 AM
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Originally posted by resistor
It’s an interesting psychological phenomenon this ‘perceived worth’ thing.


Yup. It's one of my interests. It's called heuristics in psychology.



posted on Mar, 5 2008 @ 07:40 AM
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There's an old adage in plumbing. If the customer didn't complain, you didn't charge enough.

Same here.



posted on Mar, 5 2008 @ 08:09 AM
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There was an article a few years ago (ok, possibly a decade ago) that had an interview with a woman selling hand made sweaters for $20, significantly cheaper then a nearby department store was selling designer ones (of lesser quality) for $45. They wouldnt' sell. She ended up raising the price to $60 and sold out that day.

Perceived quality is the key.




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