How to Create a Simple Startup Reference Point

There is a theory in behavioral economics called prospect theory.[1] One main component of this theory is that people do not evaluate things in absolute terms. They evaluate things, such as price, relative to a comparison standard or reference price.

If I am planning to buy a watch in the $50 price range, the difference between buying the same watch at $50 dollars at one store and the same watch at $30 at another store 15 minutes away is substantial. I may just drive over to the second store t...