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Nov 02, 2011

Priceless: How to Set a Value on a Creative Professional's Time

William Poundstone

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Good design is priceless: but how much is that in dollars and cents? Most creative professionals are afraid to set fees too high, yet worry about underpricing their time and talent. This dilemma is a perfect example of the curious psychology of price, in which value is a collective hallucination. In a series of provocative psychological experiments, people were unable to estimate value accurately or assign prices consistently. They thought they knew what things are worth, but deep down, they were clueless (and so are the rest of us). This Nobel-level science has fundamentally changed the thinking of marketers and negotiators, and it's something that should be known to design professionals, too. In many cases, a client's willingness to pay can be manipulated by a few disarmingly simple psychological tricks.


William Poundstone

William Poundstone is the author of 12 books, including Priceless: The Myth of Fair Value (And How to Take Advantage of It). His Fortune’s Formula was named the Amazon Editors’ pick for #1 nonfiction book of 2005. William has appeared on numerous TV shows, including the Today Show, CBS Morning News, David Letterman; and has written for magazines including The New York Times Book Review, Esquire, Harpers, The Economist, and Harvard Business Review.