Priceless
The Hidden Psychology of Value
1st Edition
Published on 1. September 2011
344 pages
978-1-78074-033-1 (ISBN)
Description
The first book to reveal how everday pricing strategies manipulate us
Why do text messages cost money while emails are free? Why do cereal packets keep getting smaller? Why do department stores have a few extortionate goods that no one will buy? Why do so many prices end in 9?
Discover how everyday pricing strategies are designed to manipulate us - and how to fight back
'An instructive and entertaining romp.' DANIEL KAHNEMAN, AUTHOR OF THINKING, FAST AND SLOW
'Poundstone is your savvy, witty guide to saving the pound in your purse.' THE TIMES
In Priceless, bestselling author William Poundstone reveals the hidden psychology of value and explores how we react to the most pervasive persuader of all: price. Charting the burgeoning growth of price-consultants who advise retailers from Nike to Nokia, Poundstone shows how behavioural decision theory has revolutionised the pricing strategies of major corporations.
Informed by fascinating behavioural experiments and packed with real-life examples, Priceless explains why prices are so important, and the tricks that companies use to sell their goods. It will prove indispensable to
anyone who buys, sells, or negotiates.
Poundstone reveals:
Why it is so many prices end in 9.
How it is that text messages cost money, but emails remain free.
The real reason cereal packets keep getting smaller... and smaller...
Why do text messages cost money while emails are free? Why do cereal packets keep getting smaller? Why do department stores have a few extortionate goods that no one will buy? Why do so many prices end in 9?
Discover how everyday pricing strategies are designed to manipulate us - and how to fight back
'An instructive and entertaining romp.' DANIEL KAHNEMAN, AUTHOR OF THINKING, FAST AND SLOW
'Poundstone is your savvy, witty guide to saving the pound in your purse.' THE TIMES
In Priceless, bestselling author William Poundstone reveals the hidden psychology of value and explores how we react to the most pervasive persuader of all: price. Charting the burgeoning growth of price-consultants who advise retailers from Nike to Nokia, Poundstone shows how behavioural decision theory has revolutionised the pricing strategies of major corporations.
Informed by fascinating behavioural experiments and packed with real-life examples, Priceless explains why prices are so important, and the tricks that companies use to sell their goods. It will prove indispensable to
anyone who buys, sells, or negotiates.
Poundstone reveals:
Why it is so many prices end in 9.
How it is that text messages cost money, but emails remain free.
The real reason cereal packets keep getting smaller... and smaller...
Reviews / Votes
'Bright analysis of the psychology of pricing... readable and revealing.' * Kirkus Reviews * 'Switched-on consumers may think that they are wise to the marketing strategies thrown at them, but they should think again. Poundstone is your savvy, witty guide to saving the pound in your purse.' * The Times * 'Pricing is a richer subject than you might imagine. The smile that creeps onto your face when a shameless marketing gambit reminds you of something you read in Poundstone's book? Priceless.' * Business Week * 'All about the hidden psychology of value, it is a truly eye-opening account of how the pricing of products affects how we think of them.' * The Big Issue * '[The book's] remarkably engaging prose style kept me glued to the page. Fascinating and fun, and I definitely think you should buy it.' * BBC Focus, ????? * 'An instructive and entertaining romp, which will leave you amused, smarter, and wondering about what money and prices really mean.' * Daniel Kahneman, Professor Emeritus, Princeton University, and Nobel Laureate in Economics * "A powerful argument that should be a wake-up call to everyone who still subscribes to the old model of economics." * Dan Ariely - Author of Predictably Irrational and James B. Duke Professor of Behavioral Economics at *More details
Language
English
Place of publication
Oxford
United Kingdom
File size
1,80 MB
ISBN-13
978-1-78074-033-1 (9781780740331)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Classification
Other editions
Person
William Poundstone is the author of more than ten non-fiction books, including Fortune's Formula, which was the Amazon Editors' Pick for #1 non-fiction book of 2005. Poundstone has written for The New York Times, Psychology Today, Esquire, Harpers, The Economist, and Harvard Business Review. He has appeared on the Today Show, The David Letterman Show and hundreds of radio talk-shows throughout the world. Poundstone studied physics at MIT and many of his ideas concern the social and financial impact of scientific ideas. His books have sold over half a million copies worldwide.
Content
- Intro
- Title Page
- Copyright
- Dedication
- Contents
- Part 1
- 1. The $2.9 Million Cup of Coffee
- 2. Price Cluelessness
- 3. The Myth of the Boomerang
- Part 2
- 4. Body and Soul
- 5. Black Is White
- 6. Helson's Cigarette
- 7. The Price Scale
- Part 3
- 8. Input to Output
- 9. Lunch with Maurice
- 10. Money Pump
- 11. The Best Odds in Vegas
- 12. Cult of Rationality
- 13. Kahneman and Tversky
- 14. Heuristics and Biases
- 15. The Devil's Greatest Trick
- 16. Prospect Theory
- 17. Rules of Fairness
- 18. Ultimatum Game
- 19. The Vanishing Altruist
- 20. Pittsburgh Is Not a Culture
- 21. Attacking Heuristics
- 22. Deal or No Deal
- 23. Prices on the Planet Algon
- Part 4
- 24. The Free 72-Ounce Steak
- 25. Price Check
- 26. The Million Dollar Watch
- 27. Menu Psychology
- 28. The Price of a Super Bowl Ticket
- 29. Don't Wrap All the Christmas Presents in One Box
- 30. Who's Afraid of the Phone Bill?
- 31. Paying for Air
- 32. Mysteries of the 99-Cent Store
- 33. Meaningless Zeros
- 34. Reality Constraint
- 35. Selling Warhol's Beach House
- 36. Groundhog Day
- 37. Anchoring for Dummies
- 38. Attention Deficit
- 39. Drinking and Deal Making
- 40. An Octillion Doesn't Buy What It Used To
- 41. Selling the Money Illusion
- 42. Neutron Jane
- 43. The Beauty Premium
- 44. Search for Suckers
- 45. Pricing Gender
- 46. It's All About Testosterone
- 47. Liquid Trust
- 48. The Million-Dollar Club
- 49. The Mischievous Mr. Market
- 50. For the Love of God
- 51. Antidote for Anchoring
- 52. Buddy System
- 53. The Outrage Theory
- 54. Honesty Box
- 55. Money, Chocolate, Happiness
- Notes
- Sources
- Index
