While you are in your turkey-tryptophan-induced state of (peace-of-) mind, we thought we’d include you in our insights of the price people generally are comfortable paying for peace-of-mind.
Our crack team at RPost has been working tirelessly to answer one of the most pressing questions in modern economic theory: what is the precise sensitivity point human beings have for achieving a feeling akin to ‘peace-of-mind’? In other words: how much are people willing to pay to not have to worry?
We assembled an impressive team of former Fed chairs, heads of White House Council of Economic Advisors, and professors from the University of Chicago. After working for around a decade, they finally made their presentation to us, and I was, in the parlance of economists, not moved. I took their findings under advisement, sent them on their way, and continued the project on my own.
Fast forward to 2021. It had been a while since I had the ‘pleasure’ of getting on an airline for a flight. One of those pre-pandemic trips was resurrected, and I was logging into the airline website to select seats. I noticed plenty of seats available, and I could conveniently pick one to be specially assigned to me for a cost of $30. It was an interesting decision: pay $30 for peace-of-mind that I would have a decent seat reserved or wing it and see what the airline might automatically assign (with the chance that it would be the middle seat in the last row by the bathroom). $30 seemed about right to achieve this level of peace-of-mind—so I shelled out for that seat in 14C or, depending on your point of view, shelled out not to be put in 46K.
Another key data point: I haven’t been out and about as much as in the past, so I have not had much reason to use my contact lenses. Sure, a bit of blurred vision isn’t that much of a problem, but on vacation, clear vision is nice. My trip was in a week, and when I ordered the contact lens, the website said 5-7 days for delivery — getting to me barely in time. Or, I could pay to have delivery in 3 days – guaranteed in time for my trip. Take the risk of no contacts on vacation or peace-of-mind? $30 seemed also about right, so I shelled out for the promise of being able to see in front of me on that jet ski or, depending on your point of view, shelled out not to run the risk of colliding with a fishing boat while on that jet ski.
Finally, there is the car rental. The locale of this trip is in area where they drive on the left side of the road. Being from Boston by way of California, I’ve spent 99% of my life driving on the right side, and I’m not too confident about getting around on the ‘opposite’ side of the street. Amazingly, the cost of collision insurance works about to be, you guessed it, $30. Take the risk of having to pay for body work in a foreign country because I veered into a guardrail or peace-of-mind? $30 seemed also about right once again.
Is there a version of this peace-of-mind for electronic communications—perhaps to be known as ‘e-peace-of-mind’? There is, and it’s called RMail. If you’re sending an important message and you need to know (and potentially prove) it got there and what it said, there’s Certified Track and Prove, the Registered Email™ service, RMail’s worldwide standard for legal and verifiable proof of email opening, successful delivery, message and attachment content, and official timestamps sent and received.
Or perhaps you want visibility (and proof) that that email was sent end-to-end encrypted? For this, there’s Registered Encryption where encrypted emails that are sent receive a Registered Receipt™ record that serves as audit-ready proof of delivery, content, and timestamp, plus GDPR and HIPAA privacy compliance. RMail’s Registered Encryption™ service goes far beyond basic TLS and link-retrieval systems too, as it includes different levels of encryption to allow recipients to restrict access inside their organizations.
What is the price for this e-peace-of-mind? $30, right? Well, no, it’s less for most users. Individual user plans actually start at $7 per month. So not only have we cracked the price of peace-of-mind, but we’ve established that e-peace-of-mind can be even less expensive. I’ll now be waiting around for that middle-of-the-night call from the Nobel Committee in Stockholm.