In social psychology the IKEA effect refers to the observation that people tend to value things higher if they created them itself.

The IKEA effect is a cogntive bias where people irrationally judge the value of an object. Such cognitive biases and heuristics show that humans are always object in their judgement or in making decisions.

It was shown that people who built IKEA furniture were willing to spend 63% more money compared to equivalent pre-assembled furniture. This experiment was replicated with different objects, such as origami figures.

The IKEA effect is related to a larger psychological concept named the self-perception theory. The self-perception theory suggests that people observe their own actions, which then determines their attitude. So if people retrospectively notice they spent a lot of time and effort into making IKEA furniture, they come to the conclusion that the must like this piece of furniture very much.

The IKEA effect also goes hand in hand with the sunk cost fallacy, where people tend to spent money and effort into something that is not worth it. Rather than abandoning their efforts they keep going, as they overvalue the situation.

Narrated by: Miles Wischnewski

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