Priceless: The Myth of Fair Value (and how to Take Advantage of It)

Priceless: The Myth of Fair Value (and how to Take Advantage of It)
ISBN-10
1921640952
ISBN-13
9781921640957
Series
Priceless
Category
Consumer behavior
Pages
353
Language
English
Published
2011
Publisher
Scribe Publications
Author
William Poundstone

Description

People used to download music for free, then Steve Jobs convinced them to pay. How? By charging 99 cents. Prada and other luxury stores stock a few obscenely expensive items - just to make the rest of their inventory seem like a bargain. Why do text messages cost money, while e-mails are free? Why do jars of peanut butter keep getting smaller in order to keep the price the 'same'? The answer is simple: prices are a collective hallucination. In Priceless, the bestselling author William Poundstone reveals the hidden psychology of value. In psychological experiments, people are unable to estimate 'fair' prices accurately and are strongly influenced by the unconscious, the irrational, and the politically incorrect. It hasn't taken long for marketers to apply these findings. 'Price consultants' advise retailers on how to convince consumers to pay more for less, and negotiation coaches offer similar advice for businesspeople cutting deals. The new psychology of price dictates the design of price tags, menus, rebates, 'sale' ads, mobile- phone plans, supermarket aisles, real estate offers, wage packages, tort demands, and corporate buyouts. Prices are the most pervasive hidden persuaders of all.

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