Chinese Restaurant Adopts “Pay What You Want” Policy, Loses $15,000 in a Week
Posted By Staff
Date: October 17th, 2016
China – A naive restaurant owner in Guiyang, China, who thought that appealing to people’s inherent goodness would be a good way to attract customers to his new karst cave-themed restaurant, managed to lose over 100,000 RMB in just seven days.
Liu Xiaojun and his two business partners did the math, and decided that promoting their new restaurant by applying the now-famous “pay what you want” policy would be a good idea.
Choosing to ignore the disastrous experiences of other restaurant owners who allowed customers to pay what they wanted for the food, the three simply assumed that the vast majority of customers would be rational and fair.
They were wrong. More
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