JC Penney and Pricing

Economist MJ Perry on the complexity and psychology of pricing.  Referencing an NYT article: " ... how the “everyday low pricing” model at J.C. Penney’s seems to have backfired. One explanation is that many consumers don’t necessarily want “fair prices” or “everyday low prices,” they instead want the thrill of getting a great deal when something is on sale, to feel that rush of “consumer surplus” running through their bodies!  ... "