Leigh Caldwell is a behavioural economist and author (The Psychology of Price, 2012). His research explores how the capabilities and limitations of human thinking influence the choices we make as consumers – which products we prefer, how much money we are willing to spend, what jobs we choose. He currently focuses on how the global economy is increasingly composed of intangible goods – things that we value but cannot see or touch such as brands, authenticity, uniqueness and social connection.
Originally a mathematician, he founded one of the UK’s first Web development companies in 1994 and is now a partner in The Irrational Agency, one of Europe’s leading behavioural economics consultancies.
Intangible value: how the limitations of human psychology can make us happy
Sometimes the things that consumers value most are the ones we can’t see. One pair of headphones might be physically identical to another, but the pair that has Dr Dre on the packaging is worth five times the price. The name associated with the headphones is a perfect example of an “intangible good”.