You might think you’re a tuned-in consumer and immune to the tricks and gimmicks marketers deploy to get you to buy their products for top prices. But beware, says prolific business author William Poundstone: Your brain is keeping you from making rational cost decisions. This tour of the latest information on pricing techniques is well worth its price tag. Heed his information on the behavioral science that explains the flaws in the heuristics (rules of thumb) that keep shoppers and negotiators from being completely rational, and therefore, completely sharp. getAbstract recommends Poundstone’s smart facts, research and insights to every consumer or business manager who wants the best deal at the right price and thus needs to know what the right price is.
In this summary, you will learn
- How marketers manipulate consumers on prices;
- Why human heuristics keep people from making rational price decisions; and
- How supermarkets, restaurants and other retailers apply pricing tricks of the trade.
About the Author
William Poundstone is the author of several business books including Fortune’s Formula and How Would You Move Mount Fuji?