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In 2010, William Poundstone wrote a book on pricing called Priceless: The Myth of Fair Value (and How to Take Advantage of It). Poundstone lays out the psychological foundation of pricing and uses it to evaluate different pricing decisions we make. For instance, if you look at a menu, the different ways the restaurant organizes the items may impact our decision about what we order—everything from the description of the entrees, to the location of the pricing, to the use of images. The book shows us that when it comes to paying “fair value,” we are all suckers.

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