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Picture if you will, a piece of IKEA furniture.

Michael Norton did that in 2011. In fact, he not only pictured the furniture, he did an entire experiment around it.

The experiment was fairly simple: he showed people a piece of IKEA furniture and they had to guess how much it cost.

But, of course, there was a catch.[Editor’s note: isn’t there always]

Though half of Michael’s subjects simply had to guess the price, the other half each had to assemble the unit themselves. Once they got it built, in all its oddly rewarding frustration, they then had to guess the price.

What he discovered was that the people who assembled the unit themselves placed a higher value on the product than those that didn’t assemble it.

And that, my friend, is now known as the IKEA Effect.