I'm part of a charity event on Monday. How should I price each of my donated of jars of berry freezer jam? Fixed price? Auction?
Making jam helps me feel close to my mother who suffers from Parkinson's. I make jam after dinner. This is just some of what I made this summer.
25iQuiz: Are non-labor production costs related to each jar of jam relevant to the pricing decision? Assuming a quart jar of jam roughly:
Bakers Sugar: $1
Or are supply and demand the only factors that matter in setting price?
Why not use a Dutch Auction to price the jam? https://www.google.com/amp/s/25iq.com/2015/08/09/a-dozen-things-ive-learned-from-sam-zell-about-investing-and-business-3/amp/ … Auction begins with a high asking price and it is gradually reduced until someone accepts the price.
Whatever a person pays for a jar is 100% matched. $25 paid for jam means the food bank gets $50 in cash.
"Well the open-outcry auction is made to turn the brain into mush: you've got social proof, the other guy is bidding, you get reciprocation tendency, you get deprival super-reaction syndrome, the thing is going away." Charlie Munger
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