An interesting example of the value people set upon winning a chance thing. We were helping to run a Christmas disco a while back at the girls' school. We were trying to get rid of some of the tat that was left over from the Christmas fair and failing to sell this rubbish at 10p/item.
However we revamped the thing as a raffle/tombola and sold tickets for 5p that had a 1 in 5 chance of winning. The prize was a crap toy from the heap and even though they knew this, the kids were happy to pay, on average, 25p for exactly what they'd been refusing to pay 10p for. The only difference is the value that they set on winning games of chance. Got rid of the crap in about 20 minutes.
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The value of winning
Date: 2005-07-04 08:23 am (UTC)However we revamped the thing as a raffle/tombola and sold tickets for 5p that had a 1 in 5 chance of winning. The prize was a crap toy from the heap and even though they knew this, the kids were happy to pay, on average, 25p for exactly what they'd been refusing to pay 10p for. The only difference is the value that they set on winning games of chance. Got rid of the crap in about 20 minutes.