In 2012, the chief executive of the US department store chain JC Penney announced that he was ending “fake prices”. All products ending in .99 – the mythical suggested retail price – would be rounded up to the nearest dollar.
The decision was a disaster: JC Penney’s sales and stock price plummeted. Although customers were scarcely paying more, they were losing out on the pleasure of paying less than the suggested retail price – say,...
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