A world-class expert in the field, Sara Maxwell has written extensively, made countless conference presentations, and conducted numerous industry seminars on the subject of fair pricing. Finally, she has sat down long enough to share her deep insights and profound understanding of what makes a price seem fair. Sarah has given us a book that is packed with examples of right and wrong pricing, data from her own research in fair pricing, and contributions from all the many different fi elds that have been concerned with the subject. Although the book is carefully referenced, it is written not for academics but for the general population. It is a quick, provocative read.
Sarah addresses many questions that have not been asked before: Why is it fair for gas stations to charge an extra nine-tenths of a cent per gallon? Why is it fair to pay for blood but not for body parts? Why is it fair to tip a waiter but not your mother-in-law? She explains why people object when Amazon charges new customers less than old customers, when Coke introduces a soda machine that will increase prices in the summer, when Home Depot gives their outgoing CEO a $210 million bonus.
What Sarah makes clear is that a fair price matters because fairness is the emotional part of economic decision making. Without an emotional base, we cannot make decisions. We have no way to determine what is good, what is bad; what is right, what is wrong. We base these determinations on our personal expectations as well as on the rules of society, rules that we all know intuitively.
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