To calculate the overall star rating and percentage breakdown by star, we don’t use a simple average. Instead, our system considers things like how recent a review is and if the reviewer bought the item on Amazon. It also analyzes reviews to verify trustworthiness.
All the reviews I read of William Poundstone's Priceless made it sound fascinating. The book was touted to reveal the hidden psychology of value by asking questions like, why do Prada retailers never intend to sell their most expensive items? Why do text messages cost money while emails are free? Why do jars of peanut butter keep getting smaller in order to keep the price the same? As the dust jacket reads, "The new psychology of price dictates the design of price tags...cell phone plans, supermarket aisles...tort demands, and corporate buyouts. Prices are the most pervasive hidden persuaders of all. Rooted in the emerging field of behavioral decision theory, Priceless should prove indispensable to anyone who negotiates." Although I learned interesting things about the manipulability of the human mind, I admit I was disappointed with the book overall. The first part recounts a somewhat dry history of psychophysics and details numerous experiments that prove humans' irrational behaviour when dealing with numbers. Poundstone becomes more absorbing when finally citing real-world examples about menu design, real estate advertisement and legal settlements but, alas, he ultimately lapses into discussion of more abstract experiments. The author writes in an engaging, comprehensive manner (in the style of Malcolm Gladwell) and does include some witticisms and jaw-dropping statistics, making Priceless a worthwhile read if not a smash-hit.
Most busuness owners don't think to much about price but it cana make a long term difference in profit and success. Sometimes selling cheap is bar sometimes selling expensive is bad you should test it.
This is an excellent book which is easy to read and full of real life examples. If you have read about the work of Kahneman and Tversky, and have a passing familiarity with Prospect Theory and Behavioural Finance then you will perhaps have covered some of this material before. Nevertheless I can’t down-rate the book just because you are widely read!
The physical book is well constructed with clear typeface on matt paper, but the drawings are disappointingly bad (blurry and close to unreadable in places). The book says it is printed and bound in Finland at the front, but near the back it says it is printed in Great Britain by Amazon!