According to a research note by Judith Holdershaw, Philip Gendall, and Ron Garland (1997), the overwhelming majority of prices for goods and services can be defined as odd prices. Their data showed that about 60percent of prices ended in the digit 9, and a further 30 percent in the digit 5. They concluded that there is a definite bias in favor of odd price endings; therefore, there is evidence of psychological pricing. Do you think there is a greater likelihood for this strategy to be successful for everyday consumption goods than for durable goods, such as washing machines and fridges? Briefly explain the reasons for your answer.
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