The art of pricing something is a dark one. Forget the academic models for a moment and think how the seller of an item tries to price their offering. They of course want the maximum they can get (perhaps as a one off but more often as a continuing series of sales). The buyer wants the lowest price (except in the case of Veblen goods, something that probably is a factor in this specific market).
But what the seller definitely has to try and do is work out what value the potential buyer puts on the item or service. You can\’t charge people more than they think it\’s worth.
Which means that this survey is likely to lead to a tad of inflation.
The book \”You Are Really Rich, You Just Don\’t Know It Yet\” from former ad executives Steve Henry and David Alberts aims to show there are more important things money.
\”The book is about a new value system, an alternative to a purely financial system,\” said Henry.
Mmm, OK, understand the concept.
Reading a book is worth £53,660 whereas going to the cinema comes in at half that £21,615.
There appears to be a great deal of room to increase the prices of both books and cinema tickets.
having sex – £105,210;
That bird on the corner in the mini skirt is definitely going to be raising her prices.