073 IKEA Effect
The act of creating a thing increases the perceived value of that thing to the creator.
• Creating or partially creating a thing (e.g., assembling furniture) makes it more valuable to the creator.
• People are willing to pay more for products they create than equivalent preassembled products.
• People value things they personally create as much as if it had been created by an expert.
• The level of effort invested in creation corresponds to its level of valuation: high effort translates into high valuation, and low effort translates into low valuation.
• The IKEA effect only holds when tasks are completed.
• Consider the IKEA effect in product strategy and user-experience design. Engage users in the creation of products to increase their value perception.
See Also Closure • Cognitive Dissonance • Not Invented Here Sunk Cost Effect • Zeigarnik Effect
