Summary of William Poundstone's Priceless
Please note: This is a companion version & not the original book.
Sample Book Insights:
#1 The theory of coherent arbitrariness states that consumers don't know what anything should cost. They walk the supermarket aisles in a half-conscious daze, judging prices from cues. Buyers are mainly sensitive to relative differences, not absolute prices.
#2 The process of pricing a product is a lot more complicated than it seems. Prices are used to convey the desires of our hearts into the public language of numbers, which is a surprisingly difficult process.
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Sample Book Insights:
#1 The theory of coherent arbitrariness states that consumers don't know what anything should cost. They walk the supermarket aisles in a half-conscious daze, judging prices from cues. Buyers are mainly sensitive to relative differences, not absolute prices.
#2 The process of pricing a product is a lot more complicated than it seems. Prices are used to convey the desires of our hearts into the public language of numbers, which is a surprisingly difficult process.
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