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The Price is Wrong. Understanding What Makes a Price Seem Fair and the True Cost of Unfair Pricing

  • ID: 2242647
  • Book
  • February 2008
  • 256 Pages
  • John Wiley and Sons Ltd
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Praise For The Price Is Wrong

"Consumers will no doubt benefit from the book′s insights and arguments. They will, for example, be better able to negotiate a fair price and avoid the unfair pricing practices of unscrupulous salespeople. Businesses will also benefit from understanding the emotional aspect of pricing, and students, too, can benefit from appreciating the principles of fair play that underlie our economic system."
From the Foreword by Jon Luther, Chairman and CEO, Dunkin′ Brands, Inc.

"Almost every day in our lives, we are confronted with purchasing something, and in all but the rarest situations, we pay the price which is placed directly under the object we are purchasing. There is no room for negotiation, simply acceptance. After reading this book, you will be a more informed consumer and recognize that price is a function of the marketplace tinged with some art and a little mathematical science. The Price Is Wrong will make the average consumer feel more educated and more understanding, and possibly make his next purchase a little more palatable."
Edwin A. Cohen, Chairman, Intranasal Therapeutics, Inc.,and founder and former CEO, Barr Laboratories

"This is a wonderful book that applies modern social science research to the problem of pricing. The Price Is Wrong illuminates the psychological nature of price perception and the disastrous consequences of unfair pricing policies. I recommend it to all who are concerned about the complex human aspects of business."
David M. Messick, Morris and Alice Kaplan Professor Emeritus of Ethics and Decision in Management, Kellogg School of Management, Northwestern University

"Sarah Maxwell′s application of the considerable body of research on fairness to marketing is pathbreaking. Her work will undoubtedly move marketing research into a new direction, and will stimulate further applications of fairness research to world problems."
Edward E. Zajac, Professor of Economics, Emeritus, University of Arizona, and author of Fairness or Efficiency: An Introduction to Public Utility Pricing and Political Economy of Fairness

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Foreword ix

Acknowledgments xiii

About the Author xv

Part I: Background

Chapter 1: Introduction: "Play fair or I quit!" 3

Chapter 2: History: "A just′ price is not God–given!" 13

Part II: Model

Chapter 3: Model: "Now I′m not just annoyed, I′m furious!" 23

Chapter 4: Norms: "That′s wrong, and we all know it!" 31

Chapter 5: Emotions: "You′re not being fair and I hate you!" 41

Chapter 6: Expectations: "That price is a rip–off!" 47

Chapter 7: Outcomes: "You should get what you pay for!" 55

Chapter 8: Attributions: "The seller is to blame!" 65

Chapter 9: Process: "Ya gotta play by the rules!" 73

Chapter 10: Punishment: "Revenge is sweet!" 85

Chapter 11: Power: "Beware a customer wronged!" 93

Chapter 12: Trust: "Fair price? I doubt it!" 101

Part III: Applications

Chapter 13: Modifications: "Sorry! The rules have changed!" 111

Chapter 14: Tipping: "Just don′t stiff the waiter!" 119

Chapter 15: Discrimination: "It′s unfair to charge me more than others!" 125

Chapter 16: Negotiations: "Split the difference. That′s fair!" 133

Chapter 17: Taxes: "Paying taxes is as American as disliking taxes" 145

Chapter 18: Culture: "But I never ordered any bread!" 155

Chapter 19: Practices: "So how is a company supposed to price fairly?" 165

Notes 179

Glossary 205

References 213

Index 233

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Sarah Maxwell
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