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Confirmation Bias and Rent Pricing
Do you have preconceived notions of how something should be? We all do, and sometimes we are not even aware of them. Behavioral economists, academics, and psychologists have performed intriguing work to uncover the unique, frequently unconscious biases that lead to suboptimal, or even poor, decisions. By extension, confirmation bias may also affect rent pricing…
Read MoreCan Anchoring Bias Affect Pricing Decisions?
The term “Anchoring Bias” refers to a phenomenon that behavioral economists have long studied. We tend to place too much attention on the first piece of information we see. This is due to a powerful, yet subtle cognitive bias known as anchoring bias. It’s possible that information isn’t even relevant to the subject at hand.…
Read MorePatent Coming: Good, Better, Best, Pricing
We are incredibly excited to announce that Veritec Solutions will soon be granted a U.S. patent to our Dynamic Differentiated Value Pricing system. This is otherwise known as self-storage “Good, Better, Best Pricing”. In particular, the patent will apply to the Value Pricing module of our flagship product, VRMS. What is Good, Better, Best Pricing?…
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