Blogs

Priceless

The myth of fair value--and how to take advantage of it.
by William Poundstone
William Poundstone is the best-selling author of 11 books, including Priceless: The Myth of Fair Value (and How to Take Advantage of It). See full bio

Priceless

December 2, 2009

The Gender Surcharge

Markets offer men's and women's versions of Excedrin, Schick razor blades, Degree antiperspirant, and dozens of other popular items. The women's price is almost always higher than the men's. Why? Read More

November 11, 2009

Money for Nothing

Americans spend a billion dollars a year on "virtual" merchandise existing only in cyberspace — everything from avatar tattoos to imaginary private islands. Social network sites like Facebook have mainstreamed the virtual marketplace, selling trinkets and gag gifts to post on friends' pages. The business says a lot about the real-world purchase decisions we all make.  Read More

October 29, 2009

“Artisanal”: A Word That’ll Cost You

"Artisanal" is more than a foodie cliche. It's become one of the magic words of marketing, an open-sesame to consumers' wallets. You can spend $80 for artisanal chocolates or $350 for artisanal jeans. The word's power says a lot about how we decide what price is worth paying.  Read More

October 20, 2009

Do Dates Order the Most Expensive Entrée?

Those who pick up many checks on dates might swear the other person always chooses the most expensive item. A new study says otherwise. Read More

October 12, 2009

“10 for $10”

"Ten for $10" pricing has become a sign of the Great Recession. You're invited to buy ten of something for $10. Small print says "$1.00 each." Huh? That's right, there's no discount for buying ten items. So what's the point? It may be a clever psychological ploy to get shoppers to fill their carts. Read More

October 5, 2009

Living Next to the Obamas: Worth $500,000?

The home next to Barack Obama's in Hyde Park, Chicago, has just gone on the market. It will probably sell for a premium because of the Obama connection, but who can put a price on that? The sellers aren't trying, listing the house with no asking price. A classic study on the psychology of prices suggests that it's better to set a high asking price for an item of uncertain value. People are swayed by asking prices even when they know better — and that includes real estate professionals. Read More

Subscribe to Priceless

Books by William Poundstone

Image of Priceless: The Myth of Fair Value (and How to Take Advantage of It)
Priceless: The Myth of Fair Value (and How to Take Advantage of It)
Image of Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street
Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street

Behavioral Economics Basics

Behavioral Economics

Why do we often think we know what we want, only to be disappointed with our purchases and choices? Behavioral economics studies just how irrational we humans can be.

Go to the Behavioral Economics Basics page for more on Behavioral Economics including:
  • Investment Decisions
  • We're So Irrational
Go to Behavioral Economics Basics

Current Issue

Everyday Creativity

How to start living creatively and reap the benefits.