Priceline.com Informative - Name Your Own Price
Name Your Own Price sounds great on the surface. This pricing system that seems advantageous to the consumer is actually the very opposite. Imagine a bank taking half a penny from each bank account they have. They will make a small fortune. Imagine a travel company asking consumers to bid on hotels in a market that is opaque i.e. the hotel and market price of the hotel is vague at best. This travel company will be getting a lot of inflated bids (the bid was more than the market value of the hotel). How many half a pennies do you think Priceline has taken?
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