Pay what you want: Difference between revisions

'''Pay what you want''' (or '''PWYW''', also referred to as '''value-for-value model'''<ref>{{Cite web | url=https://levisan.me/blog/value-for-value | title=Value for Value - Levisan.me}}</ref><ref>{{Cite web | url=https://polizeros.com/2015/09/29/no-agenda-how-to-have-a-successful-podcast-with-no-advertising/ | title=No Agenda: How to have a successful podcast with no advertising| date=2015-09-29}}</ref>) is a [[Pricing strategies|pricing strategy]] where buyers pay their desired amount for a given commodity. This amount can sometimes include zero. A minimum (floor) price may be set, and/or a suggested price may be indicated as guidance for the buyer. The buyer can select an amount higher or lower than the standard price for the commodity.<ref name="pay2">{{cite news |title = Pay-What-You-Want Has Patrons Perplexed|url = https://www.nytimes.com/2010/05/21/us/21free.html|work = [[New York Times]]|date = May 20, 2010|access-date = 2010-05-21|first1 = Stephanie|last1 = Strom|first2 = Malcolm|last2 = Gay}}</ref><ref name="Smart Pricing2">''Smart Pricing'', Chapter 1. "Pay As You Wish" Pricing, Raju and Zhang, Wharton School Publishing, 2010. {{ISBN|0-13-149418-X}}.</ref> Many common PWYW models set the price prior to a purchase (''ex ante''), but some defer price-setting until after the experience of consumption (''ex post'') (similar to [[gratuity|tipping]]). PWYW is a buyer-centered form of participatoryparticipative pricing <ref>Spann, Martin, Robert Zeithammer, Marco Bertini, Ernan Haruvy, Sandy D. Jap, Oded Koenigsberg, Vincent Mak, Peter Popkowski Leszczyc, Bernd Skiera, and Manoj Thomas. "Beyond posted prices: the past, present, and future of participative pricing mechanisms." Customer Needs and Solutions 5 (2018): 121-136.</ref>, also referred to as co-pricing (as an aspect of the [[co-creation]] of value).