How common is price irrationality? That's a question that really doesn't have an answer, of course, but there's no question that it happens all too frequently. Another difficult question is this: What exactly is price irrationality? It's difficult to define, especially since it takes different forms, but it's easy enough to recognize when it happens. Here are a few of the forms it assumes: - Suppose a shopper arrives at a store intending to spend within a certain price range for a ...
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