Pay Your Own Price Works: Evidence from the World of Roller Coasters

A very interesting article from Joe McKendrick, in what is called the "Business Brains" column of SmartPlanet. We've all been to amusement parks such as Disney and Universal (and now a while host of others) where at the end of the roller coaster or other thrill ride (and even some not-so-thrilling rides), you are presented with the option of buying photo products as the automatic camera snaps an "action shot" of you and your family. It's not exactly a "value proposition" for Moms and Dads, as prices tend to be - shall we say - on the high side. Now, three researchers from the University of California-San Diego have published the findings of a novel study they conducted at an unnamed amusement park in their area. Rather than charging stock prices, the amusement park allowed customers to set their own price on what they would be willing to pay for their photos. Here is a synopsis of what they found:

“The authors set up their pricing experiment at the exit of a roller-coaster ride at a large amusement park. Riders were offered a photograph of themselves, snapped mid-coast. The usual price was $12.95, but on one day riders were told they could pay what they wished, including taking the photo for free…. Allowing customers to set the price dramatically increased the percentage of buyers—from less than 1% to 8%. Even accounting for those who took a free photo, the amusement park collected more revenue on the pay-what-you-want day than when selling for the usual fixed price....when customers were informed that half the money they paid would go to a charity, revenues tripled.”

You can read the complete article below:

Experiment: does it pay to let customers set their own prices? - SmartPlanet

So, allowing buyers to have a say on pricing actually works - even in the world of make believe!

David Wyld, Professor of Management at Southeastern Louisiana University and Director of the Reverse Auction Research Center (http://www.reverseauctionresearch.com/)

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Unshed Tears

Lots of us people hate rainy days.
But there are some people who like it.

Here's one of the reason. -==> Unshed Tears

Think Inflation is Bad Here?: Look at the Rising Cost of Living in India

CNN explores the fact that while the cost of living is rising worldwide, it is skyrocketing in India (8.4% inflation ion wholesale prices). Why? Watch below and comment here on the blogsite:




David Wyld, Professor of Management
Southeastern Louisiana University

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House Sales: Reverse Auctions in the Art Market

Here's a fascinating piece from ArtNet, detailing some of the innerworkings of the art market. "House Sales" represent the art world's use of reverse auctions, as described below:

These scantly attended monthly events are where you might catch a "reverse auction," in which the auctioneer attempts to open a lot at $1,000, say, and then, when no one bites, lowers the opening bid to $500. Since it’s the auction business, where one person’s trash is another’s treasure, bargains can occasionally be had.

Read the complete piece below to see what treasures have been had at such events:

ART MARKET WATCH

Interesting stuff!

David


From the Reverse Auction Research Center: http://reverseauctionresearch.blogspot.com/ +++++++++++++++++++++++++++++�

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How Green is Your Garden?: Using Reverse Auctioning to Maximize Citizen Participation in Governmental-led Environmental Programs

Image via Wikipedia

Government programs aimed at promoting a cleaner environment can often suffer from both ballooning costs and lagging participation rates to deter them from achieving measurable successes. How to counter this trend? Why not use reverse auctioning? In this article, we analyze how the EPA has used competitive bidding to get the most “bang for the buck” and promote stormwater runoff management efforts to the most possible participants in a pilot program in the Cincinnati, Ohio area.

Read more:

How Green is Your Garden?: Using Reverse Auctioning to Maximize Citizen Participation in Governmental-led Environmental Programs | Scienceray

David

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Is home schooling for your child?

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Is Home Schooling for Your Child?
by Dr Robert E McGinnis in Education, January 14, 2011

Each family has to decide how they want their child to be educated and what kind of material they want brought into the lives of the little ones they love.

The director of the Kumon Learning Center.

In order to have a successful home school experience, all members of the program must be onboard and willing to take a part in the program. I think it appropriate to suggest that home school is not for everyone and that includes the student, parent and overseer. I will explain my own situation and conditions which might serve to enlighten anyone heading in the home school direction.

First, I must admit I am a teaching professional who has retired, but I began my home school program for a bright young lady at age two when it was apparent that she was ready to learn to read. (And read she did) My wife and I read to her, allowed her access to educational program on the computer and instructed her that all toys which could be deemed educational would be purchased without question, if reasonably priced and worthy. During her K through high school-home school program she must have purchased over $5,000 worth of computer programs alone. I can remember one very well, which was, The Oregon Trail and was one of her favorites. The reason it is difficult to remember, she is now 24 years old, married and a college graduate, with a perfect GPA.

Read more in Education
« Brick and Mortar Schools vs.. Virtual Schools

Our reading room. The wall to the laft is ceiling to floor and wall to wall with books.

My interest in writing and her desire to read went hand in hand. She is now the editor of all my books and I tell you that at the outset to let you know that I am getting a return from my investment.

How did we do it? Every state has a separate system and a different way of treating the home school situation. To home school is a right which should never be denied without good reason and those should be few. The first thing a person must do is check with the local board of education and follow the guidelines established for that county either by the state or local school board whichever is responsible in your area. The student or students must be registered with the school board as being home schooled and that board will provide the home schooling parent with the guidelines and requirements.

Read more: http://socyberty.com/education/is-home-schooling-for-your-child/#ixzz1B1obes2D

Tips for Shopping For Street wear Clothing

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The most common street wear get up especially for men is just jeans and T-shirts. For females slacks and suites as well as skirts and dresses are the most appropriate however this is constantly changing due to mixing of style that’s why women has a lot to choose from.


Read the full article on this page.http://bizcovering.com/business/tips-for-shopping-for-street-wear-clothing/