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#592 - Richard Shotton - 8 Fascinating Psychological Biases
Modern Wisdom
Hairs Pricing
The best way to deceive everybody else is to deceive yourself. You need to believe your own, your own high because all your own rubbish. People assume that precise prices are marked up more fairly than round ones. Uber have released data recently on a real world test where thousands upon thousands of potential customers were offered a surge price. And what Uber found was people were more likely to accept the 2.1x price. There's just this sense that if it's a round price, it's probably being pumped up, plucked out of the air. If it's precise, feel that some thoughts got into it and people have only put it up to what's really, really necessary.
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