Opinion | Coronavirus pandemic has prompted a shift to online learning, raising questions about how we value education
- Many feel online education should be cheaper than in-person classes. However, how people price goods and services is not entirely objective
- The recent widespread adoption of e-learning should prompt reflection on the value of education and whether Hong Kong’s focus on exams is justified
“If a regular book is worth HK$100, how much would you pay for the equivalent e-book?” I ask undergraduates and MBA students this question in my introductory marketing classes at the beginning of the session on pricing.
Responses usually settle at around HK$20, an imputed value that is 80 per cent lower. A little probing reveals that the underlying reasons mostly relate to manufacturing, transport and storage costs.
I then ask whether they would prefer a regular book or an e-book, and why. Most students usually prefer e-books, because of convenience, ease of storage and sustainability.
I then ask, “If an e-book offers all these different advantages, why are you only willing to pay a fraction of the price?” They realise that their price quotes were anchored not in the core value of the book and its content, but on peripheral benefits – bells and whistles.
Students who prefer hard-copy books also realise that their stated reasons – the heft of a volume, the feel and smell of the pages – also relate to bells and whistles. No one really knows how they value the essence of the book.
