While it may not be obvious, the act of buying is often influenced by social psychology. We may think we tend to buy what we need, but research suggests we may buy more expensive items to elevate ourselves above others or access an experience we think is more incredible. For example, some people may scoff at the thought of paying $100 for a bottle of wine, yet happily fork over $10,000 for a significantly more expensive bottle. But is a $10,000 bottle of wine a hundred times as flavorful as wine that costs $100? Hardly. Continue reading →