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UpsoldReal Estate Agents, Prices, and Neighborhood Inequality$
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Max Besbris

Print publication date: 2020

Print ISBN-13: 9780226721231

Published to Chicago Scholarship Online: May 2021

DOI: 10.7208/chicago/9780226721408.001.0001

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PRINTED FROM CHICAGO SCHOLARSHIP ONLINE (www.chicago.universitypressscholarship.com). (c) Copyright University of Chicago Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CHSO for personal use.date: 17 September 2021

Malleable Prices

Malleable Prices

(p.75) 3 Malleable Prices

Max Besbris

University of Chicago Press

This chapter also addresses the question of how interaction affects consumers’ preferences by looking at how interactional patterns between agents and buyers produced buyers’ price preferences. Every single buyer in this study was upsold, meaning that they ended up offering a price above their initially stated price ceiling. But upselling played out differently for buyers at different price points. Interactions between agents and very wealthy buyers lacked overt discussions of price, while price was a common point of discussion in interactions between agents and less wealthy buyers. The result was that after interacting with agents, very wealthy buyers offered amounts far above their initially stated price ceilings, while less wealthy buyers offered amounts much closer to their stated price preferences. In other words, wealthier buyers were upsold at higher rates. These differences reveal how the prices buyers pay are conditioned not only by their access to capital but also by their interactions with agents.

Keywords:   upselling, elite consumers, deference, price talk

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