Enter your mobile number or email address below and we'll send you a link to download the free Kindle App. Then you can start reading Kindle books on your smartphone, tablet, or computer - no Kindle device required.
To get the free app, enter your mobile phone number.
Other Sellers on Amazon
+ Free Shipping
Priceless: The Myth of Fair Value (and How to Take Advantage of It) Paperback – January 4, 2011
Frequently bought together
Customers who bought this item also bought
From Publishers Weekly
Poundstone (Gaming the Vote) dives into the latest psychological findings to investigate how and why prices are allocated. Beginning with the controversial lawsuit in which a jury awarded $2.9 million in damages to a woman who had spilled a scalding cup of McDonald's coffee on herself, the author presents a readable history of how we are subtly manipulated into paying more (or less) for goods and services—and the research that attempts to explain our baffling and irrational susceptibility to pricing. 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. 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. Grocery shopping will never seem so simple again when one realizes how much work goes into assigning a price to a box of cereal. (Jan.)
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved. --This text refers to an out of print or unavailable edition of this title.
Poundstone, author and columnist, reviews innovative work in psychology called behavioral decision theory, or the study of how people make decisions. We learn how people estimate numbers, the process of making wild guesses, jotting down offers and counteroffers, and rating anything on a scale of 1 to 10. Extensive research on pricing strategies has been conducted, and marketers have learned what people will pay is changeable and consumers can be manipulated. The book cites numerous experiments, including how juries award damages in court; reserve price research, or the maximum a buyer will pay; the way smart people are influenced by mere words and by the way choices are framed; sale prices are more powerful motivators than charm prices (those slightly below a round number); and money and chocolate are the most popular motivators in behavioral decision experiments. This collection of experiments and related findings is essentially an academic work for a variety of students. --Mary Whaley --This text refers to an out of print or unavailable edition of this title.
If you are a seller for this product, would you like to suggest updates through seller support?
Top Customer Reviews
To be sure, the well-written book has the usual things one gets in other books: the name-dropping, jargonizing, experiments that reveal the counter-intuitive aspects of our behaviour etc. This all is interesting, important and entertaining. But, where the book really adds value is in connecting them with real life situation, and offering some unambiguous advises in dealing with real life situations.
For instance, the author makes a remarkable point when he discusses the importance of stating the first number in a negotiation situation - quite opposite of what most of us like to do. The revelations on the display items in a luxury store (that are never intended for actual sale but to create the illusion of value for other items) are useful for any compulsive shoppers. Even the usual topics like anchoring and prospect theory are attached to practical examples.
A book to be read multiple times over time to really imbibe all its important messages.
This book doesn't answer these questions directly, but goes over the basics of how people interact with prices and provide viable strategies to increase your sales and income.