There is this experiment in Behavioral Economics and I want to see for myself if it holds true. It wont take more than a minute of yours.
Okay, it goes like this:
I want you to first write down the last 4 digits of your cell-phone number.
And then I want to know if you would pay (in Indian Rupees, where $1 = Rs. 40) an amount for the vase equal to the 4 digits you just wrote down. If no, than what would you pay instead?
Yea yea I know you wouldnt want to pay for something like this, but at least guess the price.
[for example, if the last four digits of your phone number are 4567, then would you pay Rs.4567 for the vase? If not, then how much do you think the market price of such a vase would be?]
Please dont read the replies of other people before you reply. It wouldn't serve the purpose.
The purpose of all this hoopla, later.
