The relativity of values causes us to use money irrationally. I go to the supermarket to buy a $15 pen, and the clerk smiles and says, “You can buy this pen for $7 if you walk 5 minutes from here.” Then, most people walk five minutes and buy a $15 pen for $7. But if you want to buy a $1,000 jacket and the clerk smiles and says, “You can get a $992 jacket in five minutes from here,” most people simply buy the $1,000 jacket. Reasonably, walking for 5 minutes equals the effort, and the profit of $8 is the same. However, people might go to a store that sells pens cheaper, but not for the jacket, because the discount rate is too low. In other words, the relativity of comparing values makes us act irrationally. The pen’s discount rate is 55%, and the jacket’s is only 0.8%. Yet, the total amount is the same for all $8, and the effort to gain that profit is identical. Attitudes and misconceptions about consumption influence how we build wealth. - Joseph’s “just my thoughts”
In Japanese cuisine, sushi omakase is an approach where patrons rely on the chef’s curated menu and follow the sequence of courses without making personal selections. Since diners don’t choose their dishes, the chef must ensure that the flavors and quality of the ingredients are top-notch. A failure to meet diners’ expectations can spoil the experience of a wonderful meal. This process hinges on the chef’s confidence and the patrons’ trust. While the chef’s skills are crucial, they must also consider the diners’ eating habits, including their pace and frequency of intake, to create a pleasurable dining experience. Ultimately, successful commerce rests on mutual satisfaction, but it can only thrive if the recipients are truly content. - Joseph’s “just my thoughts”