Sunk Cost Fallacy
The sunk cost fallacy, also known as the Concorde Fallacy, which derives its name from the Concorde Project, posits that we make irrational decisions based on our being influenced by what we have already invested – time, money, etc. – rather than using future costs and benefits to guide our decision-making. As with countless others,…
A Discussion on ‘Pay What You Want’ Pricing Strategies
It is difficult to envision a scenario, specifically in the United States, where a Pay What You Want pricing strategy could prove successful for any extended period of time. In fact, only on the rarest of occasions could I see this strategy being successful even in the short term. In the article, “When does Pay…
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