'Cosmetics are the classic case. They were taught in my undergraduate economics class as the example of a product that doesn't obey the usual supply/demand curve — they can sell better when the price is increased because the perception of quality is heavily tied to cost.
"Cosmetics are the classic case. They were taught in my undergraduate economics class as the example of a product that doesn't obey the usual supply/demand curve — they can sell better when the price is increased because the perception of quality is heavily tied to cost."1.
"Cast iron pans. You can come at me with all the 'it’s lighter' and 'it’s smoother' bullshit you want, but a Lodge 10-inch skillet is $25, cooks great, and will last a lifetime. There is just no way the $300 high-end pans are 10+ times better. The WHOLE POINT of cast iron is that it’s cheap and lasts forever.""Cosmetics are the classic case.
"ANYTHING from a cellphone store . A few years ago, back when batteries were replaceable, I needed a new one and Verizon wanted $60+ for the replacement. I looked up the part number online and Walmart was selling the EXACT same battery for $11.""I bought my first pair of Ray-Bans and lost them within a fortnight. Came to the conclusion that expensive sunglasses are not for me."
"I know it’s not sold for $100...but Vodka. The price point of vodka is set by popularity. My local liquor store had professional taste testers compare cheap to expensive vodka. They said there was no discernible difference between any of the triple distilled vodkas. When I was told this, I bought an expensive vodka and a cheap one. When I had a party I did a blind taste test with multiple people. It was literally half and half.
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