The Daily Stat / Harvard Business Review
September 19, 2013
Excerpt from Journal of Economic Psychology, Volume 36, June 2013, Pages 96-102, “Do
consumers prefer round prices? Evidence from pay-what-you-want decisions and
self-pumped gasoline purchases”
56% of purchases at a
self-service gasoline pump in upstate New York ended in .00, well above what
would be expected by chance, and an additional 7% ended in
.01, likely reflecting failed attempts to stop the pump at whole-dollar
amounts, says a team led by Michael Lynn of Cornell. The findings, along with
data on tipping and a pay-what-you-want online scheme, show a pronounced
consumer preference for round-number payment amounts, the researchers say.
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