Priceless: The Myth of Fair Value (and How to Take Advantage of It)
Prada stores carry a few obscenely expensive items in order to boost sales for everything else (which look like bargains in comparison). People used to download music for free, then Steve Jobs convinced them to pay. How? By charging 99 cents. That price has a hypnotic effect: the profit margin of the 99 Cents Only store is twice that of Wal-Mart. Why do text messages cost money, while e-mails are free? Why do jars of peanut butter keep getting smaller in order to keep the price the "same"? The answer is simple: prices are a collective hallucination. In "Priceless," the bestselling author William Poundstone reveals the hidden psychology of value. In psychological experiments, people are unable to estimate "fair" prices accurately and are strongly influenced by the unconscious, irrational, and politically incorrect. It hasn't taken long for marketers to apply these findings. "Price consultants" advise retailers on how to convince consumers to pay more for less, and negotiation coaches offer similar advice for businesspeople cutting deals. The new psychology of price dictates the design of price tags, menus, rebates, "sale" ads, cell phone plans, supermarket aisles, real estate offers, wage packages, 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.
NEWS & OPINION: Todd Sattersten's Top 10 Business Books of 2010
Posted December 28, 2010, 10:21 PM with category of Management & Workplace CultureBusiness book expert (and former president of 800-CEO-READ) Todd Sattersten has picked his top 10 business books of the year. We agree heartily with his list--a mix of big idea books and practical methodology--and think that you can't go wrong choosing any of these fine books as a blueprint for your business goals in 2011. Todd's Top 10: Drive by Dan Pink Switch by Chip and Dan Heath Linchpin by Seth Godin Rafi Mohammed's The 1% Windfall William Poundstone's Priceless Youngme Moon: Different Lisa Gansky: The Mesh The Big Short by Michael Lewis Steven Johnson: Where Good Ideas Come From Gamestorming: by Dave Gray, Sunni Brown, and James Macanufo Click over to Todd's blog to read more about each of his picks. Read more
STAFF PICKS: Bloomberg Picks 30
Posted November 19, 2010, 9:02 PM with category of Management & Workplace CultureHere's a list we missed late last month. Though the post is rather cryptically titled Hellhound Bites Citigroup, Schwarzman Finds Gold Mine: Top Business Books, Bloomberg's James Pressley explains exactly why they put the list together: With so many business books being published each month, we’re often asked for recommendations. Here are 30 of our favorite hardbacks published this year. Read more
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