Menu with no prices

What Would You Pay for This Meal?

How often have you bought something you felt wasn’t worth the money? What if you could set the price? What factors would influence your number? For years, behavioral scientists have studied such questions. They often look at a model called P.W.Y.W. (Pay-what-you-want, that is.) The idea may seem like a consumer’s giddiest fantasy. But a real-life extreme version of the experiment unfolding at a restaurant in Montclair, N.J., is affirming the researchers’ predictions. It has been triggering a panoply of reactions — including anxiety, delight, incredulity, guilt and, yes, rampant opportunism. Zod Arifai, a local chef, is offering customers a menu with no prices for the month of August, encouraging them to order as many dishes as they’d like at his two side-by-side restaurants. When diners signal for the check, servers ask, “How much would you like to pay?” ….[READ]

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