ipl-logo

Consumer Elective Pricing Summary

757 Words4 Pages

This article is about explaining why people pay more when paying for others. It is said in the article that people tend to be self-interested. But when it comes to other people, sometimes they become surprisingly generous. It may be because of the influence (especially social influence) of the people surrounding him or the norms that are being practiced in his environment. Another reason is that they consider their self-image and self-identity when paying for themselves or paying for other people. Because of that, people have a tendency to feel obligated to pay more even if they are given a chance not to do so. As you read more in the article, you can see how the influence of your surroundings can greatly affect your decisions and behavior …show more content…

A certain practice was discussed in this article, and that is “Consumer Elective Pricing.” As it is defined in the article, it is “any commercial transaction, in which the buyer can pay any price for a good or service. Furthermore, it offers an opportunity to test the extent to which people deviate from pure self-interest in transactions that are both commercial and social. It provides a conservative setting for evaluating generous behaviors.” Under the Consumer Elective Pricing, there are two practices that were compared. Those are “Pay What You Want (PWYW)” and “Pay It Forward (PIF).” The pay-what-you-want (PWYW) pricing is the well-documented form of consumer elective pricing. Pay-what-you-want (PWYW) pricing is where people get to decide how much they want to pay for something. While in Pay-it-forward, it is not commonly used but it still exists. Pay-it-forward (PIF) pricing is where people are told that someone else has paid for them, and they have the opportunity to pay what they want for the next person. They are still given a chance to selectively choose any price they want, but the payment is treated differently. The relationship developed by these two practices is different. In

Show More
Related

Summary Of John Perkins 'Let Justice Roll Down'

755 Words | 4 Pages

John Perkins’ autobiography, Let Justice Roll Down, shares the intimate, raw and candid memoir of a man who was born into a racially-torn world who survived racial injustice and found forgiveness. The front cover of his book summaries the treacherous yet miraculous life of Perkin’s: “His brother died in his arms, shot by a deputy marshal… he was beaten and tortured by the sheriff and State Police… but through it all he returned good for evil, love for hate, progress for prejudice and brought hope to black and white alike” Perkins opens his autobiography with the graphic death of his brother who was the victim of racial injustice towards blacks in Mississippi. The death of his older brother, Clyde would forever define Perkins early life. Perkins

Read More

Examples Of Sacrifice In The Kite Runner

1449 Words | 6 Pages

Self-sacrifice can be defined as an individual gives up his own interest for satisfying the needs of others. When an individual faces a compelling circumstance, he steps on others to help himself to gain prestige and position for himself while leaving those stepped on in the dust. An individual who benefits from other’s sacrifice is more willing to embrace the idea of sacrificing others. It may not cause worry or guilt immediately. However, the guilty feeling of sacrificing others keeps an individual awakes at night and struggles to redeem himself.

Read More

Ayau Chapter Summary

601 Words | 3 Pages

By enriching others it is like a cycle that will repeat itself and work for the good of everyone. It’s almost like the old saying “be careful of the seeds you sow” mentality because you know if you are help someone it’s like planting a good seed which will in return produce a harvest. In addition, he explains how the law of comparative cost influences our decisions in what we allow when dealing with tasks and resources such as property, abilities, and even time. Ayau provided an example to compare and contrast himself, Farmer Jones and the secretary in which he was able to depict how both of them contribute to society and how everyone in the community benefits from comparative

Read More

How Did Tv Changed Family Life In The 1950's

447 Words | 2 Pages

this quote is important because it shows that the more money a person had the better chance they will buy something. TV changed spending because they wanted to sell more

Read More

Rhetorical Analysis Of The Singer Solution To World Poverty By Peter Singer

1234 Words | 5 Pages

Millions of people are hungry and thousands of individuals die of starvation each day. Meanwhile, the average American spends a portion of their income on luxuries, such as televisions to imported cars. In the article, “The Singer Solution to World Poverty,” Peter Singer stresses that Americans should donate all of their income that is not needed for necessities to overseas charities and aid organizations in order to resolve world poverty. However, his straightforward proposition to end world poverty lays on a controversial topic that questions one’s morals and rights.

Read More

What Is The Theme Of Feed By Mt Anderson Consumerism

687 Words | 3 Pages

Consumerism is a major theme in MT Anderson's 2002 novel FEED. Consumerism is the belief that it is good for people to spend a lot of money on goods and services. When people buy things and spend lots of money they are doing it to impress there neighbor and 'Keep up with the Jones's'. As Titus puts it, "It was like I kept buying these things to be cool, but cool was always flying just ahead of me, and I could never exactly catch up to it." (Anderson, 279).

Read More

Accepting Innovation Analysis

971 Words | 4 Pages

In the article accepting or rejecting innovation, the author mentioned that some of the people will pay double price for the designer jeans. Although the jeans without designer have the same quality as the designer one and people will only need to pay half of the price compared to the designer jeans. As a result, many people will still choose to pay double price for the designer jeans. However, the people who bought the designer jeans are only because of social value. They might want to show off in front of other people.

Read More

Rhetorical Analysis Of What A Billionaire Should Give And What Should You?

1515 Words | 7 Pages

Singer believes that giving your fair share is never enough because you could always give more (650). Singer rationalizes this viewpoint using his already controversial idea of everyone being equal in worth (650). To do this he gives the audience a simple analogy. In his analogy he creates a scene where fifty children have fallen in a pond and are drowning (650). The audience is among forty nine adults that can “easily wade into the pond and rescue the children” (650).

Read More

DBQ: The Protestant Reformation

1368 Words | 6 Pages

Charles decided to distinguish who to give alms to in order to save money, but still give to those “deserving”. Similarly, Juan Luis Vives a Spanish humanist wrote how poor people “are driven to robbery” and other fiendish acts, and “that [Europeans] have a duty to charity” to help these impoverished people out (Document 1). Vives continues by saying how people are uncertain if they should give “because their good intention is embarrassed by the great number” or “where first or most effectively” to give their money to.

Read More

Barbara Lazear Ascher's 'On Compassion'

820 Words | 4 Pages

In one circumstance, we may feel the need to give to those who are poor to keep them from getting in our personal space; and in other circumstances we feel that we give to others out of the kindness of our heart. I completely agree with Ascher and her views on compassion, because I have been in similar situation where I have questioned why people give money, and whether they give with a whole heart or out of necessity. Furthermore, this essay can teach us plenty of lessons that can be utilized throughout our lives so we can teach others and make them aware of the need to be more

Read More

Price Discrimination In Hotel Industry

777 Words | 4 Pages

In the case of hotels, suppliers create different consumer segments, we can relate to them as lower-end consumers, and higher-end consumers. Obviously, hotels cannot set the price that higher-end consumers are willing to pay, because all lower-end consumers will not be able to afford the good. Inversely, if hotels set the price that lower-end consumers are willing to pay, higher-end consumers gain huge consumer surplus, thus lowering the profit for the suppliers. In order to take the consumer surplus, hotels keep lower prices for some rooms in order to target lower-end consumers and offer some higher quality rooms (for example presidential suits) to target higher-end consumers. The difference in revenues providing different rooms and the same ones is seen below.

Read More

Effects Of Consumerism On Poverty

1361 Words | 6 Pages

Additionally, the attention of people who are more in appearance rather than saving and donating to the poor will produce a trivial society with no values. Self-interest is also a problem for influences people’s

Read More

Pros And Cons Of Dynamic Revenue Management

2457 Words | 10 Pages

Revenue management is a scientific method that helps firms to improve profitability of their business. For many years, firms use revenue management to predict demand, to replenish inventory, and to set the product price. The benefit of revenue management can be found in a variety of industries, including airlines, hotels, and electric utilities. Dynamic pricing is a popular method of revenue management, especially when a firm needs to sell a given stock by a deadline. The goal of dynamic pricing is to increase the revenue by discriminating customers who arrive at different times.

Read More

Morality And Contract Law

1210 Words | 5 Pages

In addition, a personal sacrifice constitutes a vital area where magnanimous morality plays a crucial role. Lee, Dwight R. (2014) said whether magnanimous morality present or not causes anticipated effects on how we view social arrangements and behavior. His observation suggests that magnanimous morality can motivate the reciprocity and cooperation, for people who mean the most to us. Because people usually do the best they can to achieve their disinterested systematically and purposefully, magnanimous morality is rare for someone. But it is equally imperative to notice that the importance of magnanimous morality in partnership.

Read More

Four Building Blocks Of Competitive Advantage

1014 Words | 5 Pages

When the value a customer receives from a product is greater than that of another then they are more inclined to stick with that

Read More

More about Consumer Elective Pricing Summary

Related Topics

Open Document