Fairness Bias: Pay What You Want Pricing (PWYW) - The Marketing Move You Can Use That Generated $3 Million and Changed an Industry

We're breaking down one of the boldest pricing experiments in music history, Radiohead's "In Rainbows" pay-what-you-want release.

We're breaking down the dilemma they faced, the insight behind the move they made, how they executed it, what the science says about why people pay when they don't have to, and exactly how you apply this to your business.

STUDY CITATIONS

1. Kim, J.Y., Natter, M., & Spann, M. (2009). Pay what you want: A new participative pricing mechanism. Journal of Marketing, 73(1), 44–58.
2. Gneezy, A., Gneezy, U., Nelson, L.D., & Brown, A. (2010). Shared social responsibility: A field experiment in pay-what-you-want pricing and charitable giving. Science, 329(5989), 325–327.
3. Gneezy, A., Gneezy, U., Riener, G., & Nelson, L.D. (2012). Pay-what-you-want, identity, and self-signaling in markets. Proceedings of the National Academy of Sciences, 109(19), 7236–7240.
4. Jung, M.H., Perfecto, H., & Nelson, L.D. (2016). Anchoring in payment: Evaluating a judgmental heuristic in field experimental settings. Journal of Marketing Research, 53(3), 354–368.

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