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The Economics of Pay What You Want

Geoff Riley

23rd July 2014

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People do care about fairness, social norms and not just about a cold calculation of marginal cost and marginal benefit. In this excellent short interview on BBC World, Joe Gladstone, Behavioural Scientist at the University of Cambridge, discusses the new form of "Pay What You Want" pricing. This means consumers can decide themselves how much they want to pay for a good or service. The catalyst is that several French hotels are experimenting with a pay what you like approach for their guests.

More reading

Radiohead's Honesty Box

Pay What You Want restaurants

Conscience vs commerce

FT Pay What You Want

Panera Bread

Article from the Independent on honesty box hotels in Paris (July 2014)

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Geoff Riley

Geoff Riley FRSA has been teaching Economics for nearly forty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD and Revision conferences in the UK and overseas.

@tutor2uGeoff

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