Practical Advice from ‘Priceless’ by William Poundstone (An Actionable Books summary)

“The same psychological tricks apply whether you’re setting a price for text messages or toilet paper or airline tickets.”

Priceless, page 7

This is not a book about coming up with prices, it’s about understanding them. More accurately, it’s about our fundamental misunderstanding of what prices even mean.

Poundstone frequently references Dan Ariely, Kahneman and Tversky, Richard Thaler, and others who will be familiar to those of you who like to read about how our brains work – and how they often don’t.

A series of short (2-5 page) treatises which build and focus as you move through the book, he begins with our cluelessness about prices, gives us some psychological grounding, shows us good and bad pricing in action, and gives us greater awareness of our limitations and how to shore them up.

Here’s what you’ll learn:

  • Prices Are Imaginary Numbers
  • Meaningless Unrelated Numbers Affect Our Beliefs About Prices
  • Marketing In Thirds

Read my summary of Priceless at Actionable Books.

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