True Price Lab is launched
The True Price Lab is a project focusing on willingness to pay the true price for food and drink.
From 26 February to mid-June 2024, the restaurant and espresso bar in the Corry Tendeloo Building of the Amsterdam University of Applied Sciences will be dedicated to the True Price Lab. For four months, students and staff will be able to choose between paying the normal or true price for a number of products. This project is an initial exploration of consumers' willingness to pay the true price, which includes hidden environmental and social-impact costs.
True price versus consumer price
The true price can be defined as the price applicable after calculating and improving the true price of a product. The true price is based on the retail price plus the sum total of external social and environmental costs. Traditional pricing disregards these external costs, which are effectively paid for by society. For example, the retail price of a cup of coffee does not include the environmental damage of pest control or the underpayment of the farmers who grow the coffee.
The full extra amount that participants pay when they voluntarily opt for the true price will go to the non-profit organisation Solidaridad. Solidaridad wants to make the world a place where everything is made and bought in solidarity with people, the environment and future generations. Visitors to the restaurant and espresso bar can learn more about what their contributions will be used for by scanning a QR code.
