DailyDirt: Pricing Ain't Easy

from the urls-we-dig-up dept

Sometimes the prices of products are mysterious — or just don’t make much sense. Why is gasoline sold per gallon to nine-tenths of a cent? How can rare artwork really be worth millions of dollars? Sometimes, pricing puzzles can stump economists, but more often than not, there’s a well-known economic explanation that’s just not very intuitive. The invisible hand works in strange ways, and here are a few examples.

If you’d like to read more awesome and interesting stuff, check out this unrelated (but not entirely random!) Techdirt post.

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Companies: apple, jcpenny, orbitz

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Comments on “DailyDirt: Pricing Ain't Easy”

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Anonymous Coward (profile) says:

Gasoline Pricing

Way back when, 100yrs ago gasoline was so cheap that pricing it at $0.06 or $0.07 was not deemed appropriate. So the powers that be (gas companies) came up with the 9/10 scheme as a way to encourage everyone to pay more for what they were getting or were getting raped for. Everyone knew it was 6.9 cents but that’s less then 7 cents per gallon.

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