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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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Priceless summary
The Myth of Fair Value (and How to Take Advantage of It)
14 mins
Brief summary
Priceless by William Poundstone explores the intricacies of pricing and how it affects our decisions as consumers. From the psychology behind the pricing of goods to the strategies used by companies to set prices, this insightful book sheds light on the often subtle but powerful ways in which prices shape our behavior.
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Priceless
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Prices are relative – we can’t estimate them without a reference point.
What should a jar of peanut butter cost? Maybe you know because you often buy it. But what about a pearl oyster? You probably have no idea.
Although we’re sensitive to price differences, we aren’t always able to estimate an item’s fixed price, or its absolute monetary value. But are the prices we see in a supermarket fixed? If they were, you’d be happy to pay $10 for a bottle of red wine from one vineyard, no matter what a similar bottle of red wine from the vineyard next door costs. As you know, it simply doesn’t work that way. Why? Because prices are relative – they depend on each other.
Here’s a question for you: Would you be able to guess the exact weight of an object just by holding it in your hand? What about if you held a lighter object that you knew the weight of first? People find the second task much easier, as psychologists have known since the 1800s.
It’s just the same for prices: Consumers can say which product should cost more, but can’t estimate what a product should cost without a reference point. For example, if before an auction you asked bidders what their top bid would be, most of them wouldn’t know for sure. Why? Because it depends on the first bid, and how much others are willing to pay.
If you aren’t an auction bidder but just a regular consumer of supermarket peanut butter instead, you’ll have a better chance at estimating how much you’d pay for a jar. By buying the product frequently, you’ll learn and remember the average price. But could you remember the price of a jar of sun-dried tomatoes you bought for a dinner party last year? Perhaps not! Our memories of prices are limited, and it’s nearly impossible to remember all the prices you see in the supermarket.
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What is Priceless about?
Priceless (2010) explores the psychological reasons behind the value and price we give to things. Through numerous experiments and case studies in pricing, the author explains how prices influence our purchasing decision and exposes companies that use pricing to increase profit.
Priceless Review
Priceless (2010) by William Poundstone offers intriguing insights into the mysterious world of pricing psychology. Here's why this book is worth reading:
- Packed with fascinating experiments and case studies, it reveals how businesses manipulate prices to influence consumer behavior.
- With its thought-provoking analysis of pricing strategies, it sheds light on the complex relationship between price, perception, and value.
- Unveiling the secrets behind pricing decisions, the book takes readers on an eye-opening journey that challenges conventional wisdom and sparks curiosity.
Who should read Priceless?
- People curious about pricing their products
- Anyone interested in the psychology of value and price
- Customers interested in reviewing their purchasing decisions
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Priceless FAQs
What is the main message of Priceless?
The main message of Priceless is that value is subjective and can be influenced by factors beyond price.
How long does it take to read Priceless?
The reading time for Priceless varies depending on the reader's speed, but it typically takes several hours. The Blinkist summary can be read in just 15 minutes.
Is Priceless a good book? Is it worth reading?
Priceless is worth reading because it explores the hidden forces that shape our perceptions of value, uncovering the fascinating world of pricing tactics and strategies.
Who is the author of Priceless?
The author of Priceless is William Poundstone.
What to read after Priceless?
If you're wondering what to read next after Priceless, here are some recommendations we suggest:
- Pricing For Profit by Peter Hill
- The Strategy and Tactics of Pricing by Thomas Nagle
- The 1% Windfall by Rafi Mohammed
- The SaaS Playbook by Rob Walling
- Hope Is Not a Strategy by Rick Page
- Extraordinary Popular Delusions and The Madness of Crowds by Charles Mackay
- Animal Farm by George Orwell
- Thinking, Fast and Slow by Daniel Kahneman
- Eat What You Kill by Sam Taggart
- The Art of the Tale by Steven James