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The Change Effect

 

DisciplinesMarketing > Pricing > The Change Effect

Description | Example | Discussion | See also

 

Description

When a customer buys something for you, hands you a note and you give them their change, it can seem to them that they are somehow getting a reduction from the original price.

Also, the more coins or notes you give them, this seems more as well.

Example

A shopkeeper prices things so they will have opportunity to give several coins in change.

A retailer makes sure they have plenty of smaller denomination coins and notes, and adds these carefully into the change they give.

Discussion

One of the principle for living equitably in a social system is of give and take. We all are obliged to help others and also have the right to ask for help. This principle of exchange means we need to actively watch ourselves and watch other people, to ensure an overall balance happens. When we buy something, we give money. Yes, we will get something in return, but in a money-for-money exchange, there is some satisfaction in giving money and getting money back in return.

One of the errors of judgement that we make is that 'more is more'. In other words, if something is more in one unit of measurement, it is also more in another. Hence more coins is unconsciously seen as more money, even though the person knows consciously that this is not the case.

See also

Exchange principle

 

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