In the idea of subjective utility, how do changes in perceived value differ for gains versus losses?

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03-08-2022
Social Studies

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In the idea of subjective utility, how do changes in perceived value differ for gains versus losses?

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RajarshiG RajarshiG · Answer 1 · 2022-08-10T08:50:32+02:00

In the idea of subjective utility, perceived value decreases more rapidly for losses than it increases for gains.

Perceived value is the customers' evaluation of the value of a product or service, i.e. its ability to meet their needs and expectations, in comparison with other similar products in the market. The customer's judgement is influenced by his tastes and preferences and not on any set framework or logic. It is measured by the price the customer is willing to pay for a good or service based on the utility he can derive out of it.

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