Ep. 07: MRP (Maximum Retail Price)
The Seen and the Unseen - hosted by Amit Varma
00:00
The Power of Nonsensical Numbers
Kahneman and Twaski showed that this can be done with pure random numbers. The hypothesis was essentially is that even nonsensical numbers can prime you to make value judgments. This has far reaching implications because negotiations are based on anchoring. MRP: What's the purpose behind MRP? Give me the history of it.
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