On today’s behavioral economics foundations episode we are going to be talking about the IKEA effect as well as the effort heuristic. I’ve loved the IKEA effect concept since the moment I heard its name. It is such a quirky title, but so clear for what this concept is all about.
In its most basic form, we value things that we put effort into more than things we don’t. I’ll talk more about the details and nuances as we go through the episode and there are many more ways to use this concept than assembling your own furniture.
We take a look at ways the IKEA effect plays out in our lives as well as our businesses. The IKEA effect doesn’t just have to be used for product businesses. The IKEA effect can play a huge role in change management. Tune in to learn more about the IKEA effect and how it impacts our lives and businesses.
