The Price is Wrong

Fair pricing is an issue that affects us all, whether we?re consumers or merchants. Throughout her career, Sarah Maxwell has seen how pricing practices?across a variety of different areas, from mobile phones and airline tickets to prescription drugs and gasoline?impact our everyday lives. Now, with The Price Is Wrong, Maxwell shares her deepest insights on this issue and examines both the psychological and sociological basis of fair pricing.

Foreword ix Acknowledgments xiii About the Author xv Part I: Background Chapter 1: Introduction: "Play fair or I quit!" 3 Chapter 2: History: "A ‘just' price is not God-given!" 13 Part II: Model Chapter 3: Model: "Now I'm not just annoyed, I'm furious!" 23 Chapter 4: Norms: "That's wrong, and we all know it!" 31 Chapter 5: Emotions: "You're not being fair and I hate you!" 41 Chapter 6: Expectations: "That price is a rip-off!" 47 Chapter 7: Outcomes: "You should get what you pay for!" 55 Chapter 8: Attributions: "The seller is to blame!" 65 Chapter 9: Process: "Ya gotta play by the rules!" 73 Chapter 10: Punishment: "Revenge is sweet!" 85 Chapter 11: Power: "Beware a customer wronged!" 93 Chapter 12: Trust: "Fair price? I doubt it!" 101 Part III: Applications Chapter 13: Modifications: "Sorry! The rules have changed!" 111 Chapter 14: Tipping: "Just don't stiff the waiter!" 119 Chapter 15: Discrimination: "It's unfair to charge me more than others!" 125 Chapter 16: Negotiations: "Split the difference. That's fair!" 133 Chapter 17: Taxes: "Paying taxes is as American as disliking taxes" 145 Chapter 18: Culture: "But I never ordered any bread!" 155 Chapter 19: Practices: "So how is a company supposed to price fairly?" 165 Notes 179 Glossary 205 References 213 Index 233