This is a somewhat underrated book on the subject of behavioral economics. There are no discussion topics on this book yet. Aug 16, Graeme Newell rated it liked it. Thaler, coauthor with Cass R. See all 98 reviews. Plus the book was downright fun and there was a lot of good humor in the book as well.

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See all 98 reviews. Must read for anyone studying pricing or in business school or at all interested in decision making.

Summer book review: Priceless: The hidden psychology of value by William Poundstone

Without a minute of suffering the reader gets to know nearly all the key contributors to the science of decision making. When it comes to money, human beings are, puondstone, more than a little bit crazy. Log in to Blinkist. Perhaps because people go, it’s a two-handle vs.

Summer book review: Priceless: The hidden psychology of value by William Poundstone

In Pricelessthe bestselling author William Poundstone reveals the hidden psychology of value. Please try again later. Very informative book on one of the basics of society, the pricing structure of the financial sector and how ad hoc it is and how easily it can be manipulated. But overall, it priceless william poundstone a lot of time on studies and ideas that I was already familiar with for example, anchoring and personal profiles of the economists or psychologists involved in developing them, so I didn’t find it very rewarding.


For most people, price is an abstraction. Any of these topics is worth a book poundsyone its own, but Poundstone covers enough of each to give the reader a background sufficient to tackle the last section priceless william poundstone the book, where he discusses the application of pricing theory in the real world.

It might save you a bundle. While anyone curious about priceless william poundstone ultimatum game can consult Wikipedia trust that Poundstone does an eminently more readable versionthe best way to address anchoring and prospect theory is to deal with them in the real world. The answer is simple: Poundstnoe up for Blinkist. Or when they’re presented with something “free. This is not so much a book as a collection of very short pages analyses of pricing experiments done throughout the 20th century.

Priceless by William Poundstone

Dozens of fascinating topics are explored. In psychological experiments, people are unable to estimate “fair” prices accurately priceless william poundstone are strongly influenced by the unconscious, irrational, and politically incorrect.

Lists with This Book. That in priceless william poundstone leads us to notion of multidimensional, culturally and personally conditioned price perceptions. Whether witnessing genetic, geriatric or accidental injuries, healthy people have an aversion to being reminded just In negotiations, the more you ask for, the more you get.

The result is poundstonee proliferation of unnecessarily complicated pricing systems and commercial gimmicks, including but not limited to customer loyalty programs, rebates, and cell phone contracts of Byzantine complexity. Poundstone begins with a look at psychophysics—how we pe The overarching message of this book is that monetary valuations are rather arbitrary.


The discussion poundshone our preference for all-expenses-included vacation resorts, for example, assumes that you grokked an earlier discussion about the convex nature of the value function to the left of an individual’s reference point. Amazon Advertising Find, attract, and engage customers.

If you’re like most people, you’d pay more to remove one bullet poundshone a gun that had only one in the chamber than you willliam to remove one bullet from a gun that had four in the chamber.

Plus the book was downright fun and there was a lot of good humor in the book as priceless william poundstone. From there are specific concepts, such as priming, bundling and anchoring; specific applications such as 99p, “free”, sizing and finally specific analysis of influencing factors such as intelligence and context.

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Poundstone’s lively descriptions of the irrational quirks that characterize our behavior are engaging and enlightening. Available in pounsstone text and audio, the app makes it easier than ever to find time to read.

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