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The cost to IKEA of the incident was estimated to be between $6 and $7 million. [7] In 1999, IKEA replaced the lacquer coating on the white bookcase with melamine foil. [1] In 2009 Bloomberg instigated a "Billy bookcase index", as an alternative to the Big Mac index, to compare relative price levels in different countries around the world. [8] [9]
The aim is to commercialise green technologies for sale in IKEA stores within 3–4 years. [183] [184] On 17 February 2011, IKEA announced its plans to develop a wind farm in Dalarna County, Sweden, furthering its goal of using only renewable energy to fuel its operations. [185]
The IKEA effect is a cognitive bias in which consumers place a disproportionately high value on products they partially created. The name refers to Swedish manufacturer and furniture retailer IKEA , which sells many items of furniture that require assembly .
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