Rory Sutherland

Okay.

But I guarantee if you went and looked around their house and placed an offer while being an expert in botany and generally quoting people like Gertrude Jekyll and, you know, prominent garden designers and Sissinghurst and daddy, daddy, daddy, dad.

you could buy their house for 200,000 less than if you turned up and said, brilliant, we can knock down that tree and put in a helipad.

I think if you said we can knock down that tree and put in a carting track, right, I don't think they'd sell it to you at any price.

Richard Thaler did, I think, his most interesting work of all is actually on the concept of transaction utility.

which you may remember.

Do you remember this?

A little bit.

Yeah, it's in, I think it's in Nudge.

And the famous thought experiment is this, which I find fascinating.

And I think it's a really insightful thought experiment.

So the idea is you and your best friend are lying on a beach somewhere and it's hot and you're very thirsty.

And about a quarter of a mile down the beach, there's a place that sells ice cold beer.

And your friend says to you, and he asked people to imagine this,

Your friend says to you, I'm off to blank to buy a beer.

Tell me what the maximum amount you're happy to pay for a beer is.

And if the price, they quote, falls below that threshold, OK, I will buy the beer.

And if not, I won't.

And he asked people to imagine what the threshold would be of what they'd pay for a beer on a hot day when they were parched on a beach for a cold beer.

the beer is going to be consumed back where they're sitting.