A German scientist has suggested that we are paying less for a cup of delicious steaming coffee than we should – and came up with a method that would allow coffee sellers to calculate how far they could ratchet up their prices. According to the Daily Mail, German neurobiologist Kai-Markus Müller has figured people would be willing to pay up as much as €2.40 for a small coffee, while a Starbucks in Stuttgart charges only €1.80. He said that by measuring customers' brainwaves companies could test if they were selling their products for the maximum price without putting their clients off. In the coffee experiment, the scientist showed people the same cup of coffee on a screen several times but with different prices while monitoring their brain's activity. He found out that people strongly reacted to prices that seemed too low or too high, such as 10 cents or €10 per cup, but didn’t seem to object when the price went above the customary €1.80. “In other words, the company is missing out on millions in profits, because it is not fully exploiting consumers' willingness to pay money,” Dr. Müller said. Voice of Russia, Daily Mail, Source: Article
