Dan Ariely and collaborators identify an “IKEA effect” of consumer bias

re1365607_ariely_hiresThe Financial Chronicle outlines a phenomenon that KIE Senior Fellow Dan Ariely (business) and collaborators Michael Norton (Harvard Business School), and Daniel Mochon (Yale) have dubbed the “IKEA effect.” When experiment participants help to manufacture their own product, they assigned it a higher value. Author Varun Dutt explores how this phenomenon could be applied to real-world situations.