Customer determined pricing

Customer determined pricing lets the customer determine the price based on the perceived value. This includes various auction methods, a large choice of pricing alternatives, and even riskier strategies of "pay what you think it was worth."

The auction world has been completely transformed by eBay, which now helps generate sales of more than Failed to parse (syntax error): {\displaystyle 50 billion of merchandise per year. Here, each customer believes they are getting a good deal, while the excitement of the auction often generates prices above what the same item is available for elsewhere—extra profits for the seller.}

Part of M6-S8 - Reading - Lodish - Entrepreneurial pricing- an often misused way to garner extraordinary profits