The Power of Precious Numbers

In a study, beggars who asked for a quarter received 60% fewer donations than those that asked for 17 cents or 35 cents. This suggests that using a precise number encourages people to take action. But does the peak effect really work in the real world? Two University of Florida psychologist analyzed 25,564 house sales from Alcucha County, Florida. People were willing to pay 49% more for the product when the precise number of bottles were shown rather than overall weight. Precision makes your price more credible and makes people more likely to take action - so how could this be applied in the real World?