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    Priceless book cover

    Priceless by William Poundstone Summary

    Priceless
    William Poundstone
    3.83 (1953 Reviews)
    Psychology
    Business
    Economics
    Overview
    Key Takeaways
    Author
    FAQs

    Overview of Priceless

    Discover why prices are pure fiction in William Poundstone's "Priceless," where psychology trumps logic in every transaction. Why do expensive wine "taste better"? Learn the anchoring tricks retailers use - knowledge that transformed how businesses price products and consumers make decisions.

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    "Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."

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    "Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."

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    "Reading used to feel like a chore. Now it’s just part of my lifestyle."

    @Erin, Investment Banking Associate , NYC
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    "Feels effortless compared to reading. I’ve finished 6 books this month already."

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    Learn Anything, Personalized

    DiscordLinkedIn
    Featured book summaries
    Crucial ConversationsThe Perfect MarriageInto the WildNever Split the DifferenceAttachedGood to GreatSay Nothing
    Trending categories
    Self HelpCommunication SkillRelationshipMindfulnessPhilosophyInspirationProductivity
    Celebrities' reading list
    Elon MuskCharlie KirkBill GatesSteve JobsAndrew HubermanJoe RoganJordan Peterson
    Award winning collection
    Pulitzer PrizeNational Book AwardGoodreads Choice AwardsNobel Prize in LiteratureNew York TimesCaldecott MedalNebula Award
    Featured Topics
    ManagementAmerican HistoryWarTradingStoicismAnxietySex
    Best books by Year
    2025 Best Non Fiction Books2024 Best Non Fiction Books2023 Best Non Fiction Books
    Learning tools
    Knowledge VisualizerAI Podcast Generator
    Featured authors
    Chimamanda Ngozi AdichieGeorge OrwellO. J. SimpsonBarbara O'NeillWinston ChurchillCharlie Kirk
    BeFreed vs other apps
    BeFreed vs. Other Book Summary AppsBeFreed vs. ElevenReaderBeFreed vs. ReadwiseBeFreed vs. Anki
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    © 2026 BeFreed
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    Key Takeaways

    1

    The Psychology of Price: Why We Pay What We Pay

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    Have you ever wondered why a $200 printer with a $25 rebate seems more attractive than the same model priced at $175? This seemingly irrational choice reveals the central insight of "Priceless" - our perception of value isn't based on cold calculation but on psychological quirks that businesses expertly exploit. The truth is shocking: we have no innate sense of what anything should cost. Instead, we operate in a state of "coherent arbitrariness" - maintaining consistent relative valuations while our absolute price judgments fluctuate wildly based on environmental cues. This phenomenon has transformed business education and behavioral economics, with Warren Buffett reportedly calling it "the best explanation of pricing psychology I've ever encountered."

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    The Anchoring Effect: How Random Numbers Shape Our Wallets

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    The Perception Puzzle: Why Our Brains Can't Calculate Value

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    Loss Aversion: Why Losing Hurts More Than Winning Feels Good

    5

    The Fairness Factor: Why We Reject "Rational" Deals

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    The Magic of FREE! and the Charm of 99 Cents

    7

    Protecting Yourself: Mental Defenses Against Price Manipulation