The other day, I stopped at a yard sale with a friend. He had
spotted a blender as we drove by and wanted to take a look at
it. He picked it up, pulled out the glass jar and examined all
the blender’s parts. After determining it would serve as a
suitable replacement for his worn-out blender at home, he asked
the homeowner how much she wanted for it. She pondered for a
moment and then threw out an offer, “How about $3?” Her manner
indicated that she was likely new to the yard sale business and
had little knowledge of what her blender might be worth. I
thought for sure my friend would accept the offer. He replied,
“OK, I’ll think about it.” After perusing other items available
and deliberating the blender offer, my friend informed the woman
he wanted only the blender. When she said, “Great, that’ll be
$3,” my friend replied, “I’ll give you $5. I think that’s a
fairer price.” After we left, I asked my friend why he paid $5
when he could have gotten the blender for $3. Here was his
response: “I know, but I would