The psychology of value, or perhaps more accurately ‘perceived value’ has been a curiosity of mine for years. Why would somebody pay $10,000 for a handbag? Is it 50 times better than the $200 handbag? Why would somebody happily pay $500 for a training session (it’s more common than you think) but complain about a $7 coffee? Why would somebody pay $1 million for a car that does pretty much the same thing as $50,000 car? And costs 40 grand for a service! Why does art from a world famous artist fail to sell for a tiny percentage of the actual price when it is placed in a context that people don’t expect to see it in? In this episode, Bobby and I explore all this and more. Enjoy.