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Online Shoppers Naive About Online Prices

Roached Reserve price (513 comments)

In economic terms, this is called the reserve price, or the price someone is not willing to exceed in order to purchase something. In a perfect economy everyone has their own unique reserve price that they feel is fair for what they are buying. It's been accepted in the airline industry for years, but I guess when it's applied to other items people feel like they were ripped off if they find that they could have gotten it cheaper.

more than 9 years ago

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