Josh Zumbrun
speaker
325 appearances
5 recordings
1 series
first heard Dec 2018
last heard Oct 2023
Josh Zumbrun’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · Consumers Hate Fees, But Are Willing to Pay Them Anyway · 27 Jun 2023
podcast
So one of the experiments, this is kind of a famous experiment in economics.
They went to a grocery store and they said, hey, can we just put the full price on a handful of items?
And the grocery store said, this is going to be a disaster.
We don't really want you to do this to very many items.
But you can do it on a few and we'll see what happens.
And so they just took the price tags on items like hairbrushes and a few personal items that weren't even big sellers.
And they made the price tag say, here's the price, $5.99.
After tax, this is going to be $6.50.
That's the extent of the change.
They did it on all the hairbrushes, right?
And the entire category of hairbrushes, people bought about 10% less hairbrushes at the grocery store when they had to see what the full price was.
And they surveyed people afterwards and they said, do you know what sales tax is?
And they did.
The people knew what the sales tax was.
And they said, did you know sales tax applied to hairbrushes?
Yes, we did.
But when people were actually presented with that information as they walked through the aisles, it made them not want to buy hairbrushes anymore.
So you have this problem where if the hairbrush industry agreed, hey, we want to always include our full prices, people would buy less hairbrushes than they would buy other stuff at the grocery store.
It's a really powerful effect that people reject items when they see that full price.
They did a big marketing campaign saying, no more hidden fees.
Showing 81–100 of 325 · page 5 of 17
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