You might have heard of or even personally experienced the so-called IKEA Effect. Scientists describe it as a cognitive bias characterized by the tendency to unjustifiably value products that we have at least partially created ourselves.
The name of this phenomenon comes from the famous furniture manufacturer and seller IKEA, which offers a hugely varied range of flat-packed furniture. The Swedish brand has become extremely popular all over the world and has thousands of clients.
The IKEA Effect was first described in 2011 by Michael Norton, Dan Ariely and Daniel Mochon, scientists from different universities. They have conducted experiments and have described the results in a special publication. They have found that when people put their own efforts and work to create some products, they tend to value it much more than if they bought it ready-made and didn’t do anything to construct it.
Their experiments have also shown that the greater value doesn’t depend on the quality of the construction and that people are willing to pay more for products when they take part in their assembly and creation.