This refers to the phenomenon where people think something has more value than it actually has just because it costs a lot of money.
An experiment has been done where people have been offered wine. The first time the people were told that wine cost $50, the second time that is costs $500.
After tasting the wine, researchers asked the participants what wine tasted better.
As you probably can guess, it was the wine for $500.
BUT what the reaserchers didn’t tell the participants was that it was the SAME wine all along. That’s interesting isn’t it?
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