This is a YouTube video titled "How Value Impacts Price" containing a monologue or single-speaker explanation discussing the role of human perception and expectations in determining value and price. The speaker, identified as SPEAKER A, elaborates on modifying an economic equation to include perceived value and likelihood from the buyer's perspective. The content was created on August 2, 2023.
As a former econ major, I'd be remiss not to mention the value of human expectation. In my view, a more accurate way to modify this equation would be to add perception, add people's expectations into each of these. Because honestly, the value of something and the likeliness of something, what you think it is, honestly, doesn't matter. It matters what your potential buyer believes it to be. And that's why perception is something I'm adding into both sides of this equation. So now it's the perceived value someone what they think they're going to get, and how likely they think it's going to be for them to get that that will determine the price they're willing to pay.
