Jan

24

William PoundstoneThe Myth of Fair Value (and How to Take Advantage of It) is a new book by William Poundstone that looks to be interesting based on a perusal of Mr. Poundstone's blog and You Tube appearances.

An excerpt:

"Though a price is just a number, it can evoke a complex set of emotions—something now visible in brain scans. Depending on the context, the same price may be perceived as a bargain or a rip-off; or it may not matter at all. A few of the tricks are timeless, like shrinking packages and prices ending in the magic number 9. But price consultancy is more than the latest chapter in flat-world hucksterism. It draws on some of the most important and innovative recent work in psychology. In the mundane act of naming a price, we translate the desires of our hearts into the public language of numbers. That turns out to be a surprisingly tricky process."


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