The Value Paradox: How Perception Shapes Pricing Decisions

Here's a simple example of why value is so difficult to determine Let's look at a simple bottle of water If you buy it in a package on a shelf that bottle might be worth 50 cents If it's in a refrigerated case it might be worth 2 dollars If it's in a nightclub or on an airplane it might be worth as much as 6 dollars but it's the same bottle of water So it's easy for well-intentioned people to determine different values for the exact same item