You don't charge what you think is the "fair value" of what you provide, you charge what you can get away with
Failure to understand pricing may be the most common irrational thought pattern. Has dire consequences as soon as you try to sell something
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If you can't find clients because deals fall thru due to pricing, you need to charge less. If NO deal falls thru, your price is way too low
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I once got into an argument about how women pay more for beauty products than men because of the market. They argued it was sexism.
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I think this over simplifies pricing. Matching pricing to go to market is also critical.
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1/3 Can think of fair pricing function as a time dependent surface in some feature space. However, best described with a Gaussian Process
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2/3 to incorporate the fuzziness associated with the surface and the fact that agents will typically buy/sell off the fair-price surface
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3/3 – these buy/sell transactions also being determining inputs to the valuation of the fair pricing surface.
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