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The Price of Everything: Solving the Mystery of Why We Pay What We Do Hardcover – January 4, 2011

3.4 out of 5 stars 54 customer reviews

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Editorial Reviews

From Booklist

Business journalist and New York Times editorial writer Porter delivers a popular explication of how supply and demand affect prices. In vignettes about all manner of transactions, from coffee sales to marriage dowries to home values, he disputes notions that prices settle out as rational correlations of supply and demand. All sorts of emotional factors are involved, which enliven Porter’s stories as he explores divergent behaviors of upper-, middle-, and lower-income consumers in what they will pay for something. If a purchase expresses the pursuit of happiness, Porter chases the idea that money yields joy, concluding it can, though temporarily. What about the price of power? Porter adduces the cost of votes in São Tomé v. the United States, as he does the worth of labor, love, and life itself, practically breaking them down into a schedule of prices. As a book in which nothing, not even religion, seems safe from the crass intrusion of pricing, Porter’s work ought to ring up the audience for Steven Levitt’s Freakonomics (2005). --Gilbert Taylor

Review

"At a time of seemingly proliferating risks, though, Porter's searching book is a welcome reminder of the necessity of prudent decision making."
-"The New York Times Book Review"
"Porter offers us a shiny new lens for understanding the relationships around us that we too often fail to see"
-"Harvard Business Review"
"Thoughtful, detailed, and fascinating..."
-"BookPage"
"While an elegant and enjoyable read, "The Price of Everything" is also timely: Porter makes a strong case in the wake of the recession that it's silly for economists and policy makers to assume people act according to rational assessments or even in their own best interest."
-"The Associated Press"
..".energetic tour of the daily cost-benefit analysis called life."
-Bloomberg News
..".both entertaining and enlightening."
-"The Financial Times"
"a lively guide through the morass of economic theory... Everything has its price, and here we --This text refers to the Paperback edition.
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This Book Has a Unique Design Element
You may notice when you receive this book that the design of the cover includes "price stickers" with various price points. The actual price is in the usual spot on the inside front cover and in the EAN barcode, and the Amazon price is as you see it on the site.

Product Details

  • Hardcover: 304 pages
  • Publisher: Portfolio (January 4, 2011)
  • Language: English
  • ISBN-10: 1591843626
  • ISBN-13: 978-1591843627
  • Product Dimensions: 9 x 6.1 x 1.1 inches
  • Shipping Weight: 1 pounds
  • Average Customer Review: 3.4 out of 5 stars  See all reviews (54 customer reviews)
  • Amazon Best Sellers Rank: #1,095,151 in Books (See Top 100 in Books)

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Customer Reviews

Top Customer Reviews

By Reg Nordman on February 2, 2011
Format: Hardcover
I am burning through every resource on pricing I can find. The author is a New York Times journalist - and I do so love to read books by journalists. They can write clearly, succinctly and well! This book is an incredible journey through business, anthropology and psychology. Some snippets.

* Market transactions do not necessarily provide people with what they want; they provide people with what they think they want. Consumers often have the most tenuous grasp of why they pay what they do for a given object of their desire. (This guy must drive economists crazy!)
* Value started as a moral inquiry, a manifestation of divine justice (back when the Church ran the World)
* The real world is plagued with search costs. It is difficult for consumers to to find out what a given product costs in all the shops in town- let alone everything available on the Internet. One of the best know market techniques is to make it difficult for customers to understand where they can get best value for their money
* People value more things they bought than what they receive as gifts
* Imposing a fine on tardy parents picking up their kids at daycare worsened tardiness. The fine made it affordable.
* Even if an investor were to correctly call a bubble, it would be expensive to bet against it
With enough investor enthusiasm, the bubble will stay inflated longer than the contrarian could remain solvent.
*
Keynes believed that most investors really do not know what they are doing. Sort of betting on the
average response to average events. Keynes made a lot of money in the market.
* Expect increased right wing politics as the economy worsens

The author covers off the price of slaves, women, children, global warming, religious affiliation, horse meat and more. It is an eclectic and marvelous journey. Great book for a trip.
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Format: Hardcover
Despite the readable and enjoyable prose style, the book took me a long time to get through. The problem was that every few pages I'd find myself pausing to think over what I'd just read. It is almost provokingly thought provoking. Entertaining, informative, challenging: the author covers an immense amount of ground without being superficial or predictable. Even when going over subjects that are familiar, for one reason or another, he makes the treatment interesting by applying a steady analysis to the topic. Instead of participating in inflammatory debates on controversial matters--immigration, marriage, speeding--he lets facts, well presented, illustrate the always fascinating operations of market valuations. He deftly shows how those valuations tell us about ourselves and the world.
The result is that you keep thinking about the book long after it is read. Whether he seemed to support or contradict my own point of view, he invariably presented a reasoned argument which was worth going through.
"The Price of Everything" is enormously rewarding and well worth rereading. I recommend the book unreservedly.
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Format: Hardcover Verified Purchase
This book is an amazing eye-opener that will make you think. Not only think but expose you to some realities about PRICE that could shift your perspective in powerful ways.

Before reading this book I thought of PRICE in more of a retail sort of way. The cost of an iPad, new shoes or a pair of pants.

While that's certainly one form of PRICE, Eduardo Porter has reminded me that it's actually so much more.

What about The Price of Happiness? The Price of Life? The Price of Work? The Price of Faith? The Price of Free? Or even The Price of the Future? (all chapter titles from the book).

PRICE is about choice, priorities, and the value or worth that we set. That value drives our decisions and shapes our lives in more ways than we might initially think. After all, everything has a PRICE doesn't it? From consumer goods to our time, every choice in where we'll invest our resources has to do with PRICE.

But PRICE isn't fixed. You and I might see PRICE in a totally different ways because the PRICE we're willing to pay is shaped by a variety of things. While I might be willing to pay $10 for a collectible card, you might think it's only worth $1. And while I might be willing to invest 4 hours of my week on Social Media, you might think that same use of time is worthless.

Everything we do, every choice we make boils down to PRICE.

I highly recommend this book. It's well worth the PRICE. :)
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Format: Paperback Verified Purchase
I love Economics, Business, Finance, as well as Sociology and Social Economic books.
I read about 1-3 books per week.
But, be that as it may; this is ONE of the few books I just couldn't finish.

It looks like a great idea, but the author jumps around a lot, and just touches on the surface of many topics.

I made it about 3/4 of the way through and I just got tired of wasting my time on this useless tripe when I could be reading something more pithy.
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Format: Hardcover
Eduardo Porter takes on the issue of price in his book "The Price of Everything" largely from an economic and traditional view. This is a book that would have been very interesting about 10 years ago before the wide scale introduction of behavioral economics, its good, but there is so much out there that is better. In many ways, Porter recognizes this as the book contains passing references and re-explaination of case studies and finding in other books. In general the premise of the book is that 'every choice we make is shaped by the prices of the options laid out before us -- what we asses to be their relative costs -- measured up against their benefits.' Good premise, its just that an assumption of such rational action does not seem to be true.

Porter does a good job of explaining the application of this premise to a range of topics including: Things, Life, Happiness, Women, Work, Free, Culture, Faith, and the Future. These are the chapters in the book.

Overall, recommended if you are traditionalist, view people as rational actors who are able to consider or create rational equations even out of irrational things. If you are a fan or researching pricing, then I would suggest the behavioral economics or science of the brain books. I did find "Contextual Pricing" by Doctors, Hansen, et al to be a superior book.
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