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

A practical BF book - finally NJ Priceless opened a whole new world to me, a world that was always right in front of my eyes. Behavioral study fields always have fascinating tales. Tales about our own behaviour that defy logic and tell us something weird about ourselves. But most books on the subject fail to go past. "Not priceless, but close" according to Sylver. The subject of prices is a tricky one. Every person on this planet is, one way or another, confronted to that question. Is this price fair? Am I overpaid or underpaid? How much should I charge for my new product?This book doesn't answer these questions directly, but goes over the bas. "An important work on pricing psychology" according to Peter P. Smith. This is an important work on pricing psychology that has taken its place alongside Ryski's Conversion, Dixon and Toman's The Effortless Experience and Buckingham's First Break All The Rules, as must reads for my friends and colleagues who run businesses. Highly recommended if you inv

In psychological experiments, people are unable to estimate "fair" prices accurately and are strongly influenced by the unconscious, irrational, and politically incorrect. 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. 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. Prada stores carry a few obscenely expensive items in order to boost sales for everything else (which look like bargains in comparison). "Price consu

All rights reserved. From Publishers Weekly Poundstone (Gaming the Vote) dives into the latest psychological findings to investigate how and why prices are allocated. Nevertheless, the scope of the analysis—its attention to economic abstractions as well as real-world consequences—braids together theory and practice to leave an indelible impression on the reader. The idea of anchoring and adjustment—setting an arbitrary number to subconsciously drive higher or lower estimates—is just one of many research areas explained at length. . While Poundstone's case studies are vivid, the abundance of theories and experiments might prove overwhelming for the casual reader. Grocery shopping will never se