Priceless: The Myth Of Fair Value (And How To Take Advantage Of It) is William Poundstone's eleventh nonfiction book and a prime example of two trends we will hear and read a lot more about in business circles -- evolutionary psychology and neurobiology.
We may all think that we're rational beings, but the truth is that we are the products of evolutionary forces that prepared us for a very different environment. In fact, many of our daily decisions are made at levels below our conscious awareness but in full view of a functional magnetic resonance machine.
I've been gathering material for a new book on these subjects and will report examples in this space over the coming months. Many of the latest findings have significant implications for (and applications in) marketing, finance, human resources and every other business function. Not to mention day-to-day life, as Poundstone demonstrates even on his book jacket, which is cleverly designed to incorporate a price tag. The book's original price is listed there as $599.99. In fact, it really sells for about $27, which seems like a steal thanks to the "anchoring effect" Poundstone describes so effectively in the book itself.