Priceless: The Myth of Fair Value (and How to Take Advantage of It) Contributor(s): Poundstone, William (Author) |
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ISBN: 0809078813 ISBN-13: 9780809078813 Publisher: Hill & Wang OUR PRICE: $17.10 Product Type: Paperback - Other Formats Published: January 2011 |
Additional Information |
BISAC Categories: - Business & Economics | Consumer Behavior - General - Business & Economics | Sales & Selling - General - Business & Economics | Industries - Retailing |
Dewey: 658.834 |
Physical Information: 0.96" H x 5.59" W x 8.25" (0.69 lbs) 352 pages |
Descriptions, Reviews, Etc. |
Publisher Description: Prada stores carry a few obscenely expensive items in order to boost sales for everything else (which look like bargains in comparison). People used to download music for free, then Steve Jobs convinced them to pay. How? By charging 99 cents. That price has a hypnotic effect: the profit margin of the 99 Cents Only store is twice that of Wal-Mart. 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, irrational, and 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, cell phone plans, supermarket aisles, real estate offers, wage packages, tort demands, and corporate buyouts. Prices are the most pervasive hidden persuaders of all. Rooted in the emerging field of behavioral decision theory, Priceless should prove indispensable to anyone who negotiates. |
Contributor Bio(s): Poundstone, William: - William Poundstone is the bestselling author of more than a dozen nonfiction books, including Fortune's Formula, Gaming the Vote and Priceless. His books Labyrinths of Reason and The Recursive Universe were both nominated for the Pulitzer Prize. |