W5 Discussion Managerial Economics: Psychological Pricing

Initial post should be300 or more words in length,and you should respond to two additional posts from your peers.
Psychological Pricing
Behavior economics is a relatively new concept that was developed by Daniel Kahnemanand Amos Tverskyand is known as the prospect theory. The prospect theory posits that consumers are inspired by the comparisonof prices to the reference price rather than the actual price. Please discuss why managing price expectations is as important as managing price. Please give three examples of local restaurants using prospect theory. Include a minimum of one reference

Daniel Kahneman: “Thinking, Fast and Slow” | Talks at Google

Week 5 Discussion Videos https://www.youtube.com/watch?v=CjVQJdIrDJ0

Our Service Charter

1. Professional & Expert Writers: I'm Homework Free only hires the best. Our writers are specially selected and recruited, after which they undergo further training to perfect their skills for specialization purposes. Moreover, our writers are holders of masters and Ph.D. degrees. They have impressive academic records, besides being native English speakers.

2. Top Quality Papers: Our customers are always guaranteed of papers that exceed their expectations. All our writers have +5 years of experience. This implies that all papers are written by individuals who are experts in their fields. In addition, the quality team reviews all the papers before sending them to the customers.

3. Plagiarism-Free Papers: All papers provided by I'm Homework Free are written from scratch. Appropriate referencing and citation of key information are followed. Plagiarism checkers are used by the Quality assurance team and our editors just to double-check that there are no instances of plagiarism.

4. Timely Delivery: Time wasted is equivalent to a failed dedication and commitment. I'm Homework Free is known for timely delivery of any pending customer orders. Customers are well informed of the progress of their papers to ensure they keep track of what the writer is providing before the final draft is sent for grading.

5. Affordable Prices: Our prices are fairly structured to fit in all groups. Any customer willing to place their assignments with us can do so at very affordable prices. In addition, our customers enjoy regular discounts and bonuses.

6. 24/7 Customer Support: At I'm Homework Free, we have put in place a team of experts who answer to all customer inquiries promptly. The best part is the ever-availability of the team. Customers can make inquiries anytime.