Today I was inspired by my brother, who questioned why gold is so expensive, although not that useful. I would like to look at what properties influence the "value" of something, and how many of these properties are somewhat imaginary (like "coolness").
Here's what I want to research over the next few weeks:
Round 1 - The Origins of Currency and Value/How Value Impacts Perception
-When we started using currency, how it evolved over time
-The origins of value and when we began putting a price on things
-Bartering system vs money system
-If something is valued at a higher price, do we perceive it as higher quality?
Round 2 - How Companies Place Value on Goods/Services
-How do companies decide on the price of their goods?
-How do people price their services? What makes one service more valuable than another?
-What makes one good more valuable than another?
-How vastly does profit impact the price that a company places on a good/service?
-Does the uniqueness of a product impact its price? How vastly?
-Accessibility and price
Round 3 - Usability and its Impact On Price
-Look into examples like gold (with little value outside of being a currency) and lumber (with important uses) and how their usability relates to their pricing
-Are there some things that cannot have a price placed on them?
-Are there things we pay for that should be free? Are there free things that should be paid for? Are there really things that cannot be bought?
Sources to Look to:
I will be posting on a biweekly basis, and I am excited to start my research