The Price Was Right—So Why Did I Pay More?

Over the holiday break, my extended family went to the American Museum of Natural History in New York City for a special exhibit my husband was eager to see—Ice Cold: An Exhibition of Hip-Hop Jewelry. Since getting six other people to commit to a set plan in advance is nearly impossible, I didn’t buy tickets ahead of time. I just hoped the ticket line wouldn’t be too long.

While waiting, I glanced at the posted admission prices and did some quick mental math. I assumed we’d be paying the standard rate. What I didn’t realize—because I don’t live in New York and don’t go to the Natural History Museum regularly—is that it operates on a pay what you wish system. That wasn’t top of mind for me, and I only found out when I got to the front of the line and spoke to the woman behind the counter.

Caught off guard, I quickly threw out a number—about half of the listed price. The woman smiled and said, “You know, you can pay as little as one cent per person.”

One cent.

I could have paid a grand total of seven cents for our group. But I didn’t.

At the time, I didn’t think much of it. But last week, on my way back to New York for work, I found myself wondering: Why didn’t I pay less?

Why We Don’t Pay One Cent (Even When We Can)

Even though the Natural History Museum lets visitors name their price, most people don’t go for the absolute minimum. That’s because pricing—even when it’s flexible—is never just about money. It’s about psychology.

First, there’s anchoring. Those posted ticket prices I saw while waiting in line set an expectation. Even after I learned I could pay whatever I wanted, my brain had already latched onto those numbers. Paying only a penny felt too extreme, like I was breaking some invisible rule. So, without much thought, I landed on a number that felt like a deal but not an insult.

Then there’s social pressure. Even when there are no official rules, we all have internal ones. Sure, technically I could have paid seven cents, but would I feel good about that? Would I look my in-laws in the eye and admit I had just taken full advantage of the museum's generosity? Would I ever be allowed to plan a family outing again? Hard pass.

And finally, there’s reciprocity. Before I had even walked into the exhibit, I felt like the Natural History Museum had given me something. Access to a world-class institution, a chance to see legendary art, the sheer vibe of being there. It didn’t feel right to pay an amount that wouldn’t even cover a piece of gum. Paying a fair amount wasn’t just about getting in—it was about playing my part in keeping the whole system going.

The Marketing Takeaway

For marketers, the museum's approach is a case study in how pricing isn’t just about numbers—it’s about perception.

Even in a pay-what-you-wish model, the way you frame pricing matters. Setting a suggested price or showing what “most people pay” helps nudge people toward a decision. Too cheap, and people assume something isn’t valuable. Too expensive, and they feel ripped off. Smart pricing isn’t just about covering costs—it’s about shaping how people feel about the transaction.

Consumers also want their purchases to reflect their identity. We don’t just buy things; we buy into an idea of ourselves. Luxury brands know this. So do brands that push sustainability or social responsibility. The Natural History Museum got my money not because I had to pay, but because I wanted to feel like the kind of person who supports the arts. That’s a powerful force.

And finally, reciprocity is real. Give customers something of value first—whether it’s great content, an exclusive experience, or a free trial—and they’ll be more likely to engage, buy, and stay loyal. It’s why “free samples” at Costco have turned into a billion-dollar strategy. It’s why streaming services let you binge a show before demanding your credit card info.

The Bottom Line

The American Museum of Natural History didn’t force me to pay more. But through a combination of smart pricing, subtle social pressure, and my own psychology, I did.

That’s something every marketer should understand. Price isn’t just about cost—it’s about perception, identity, and emotion. And when framed the right way, it can shape behavior in ways people don’t even realize.

Additional (Reading) Recommendations 

Check out The Psychology of Pricing from Psychology Today. It’s a great breakdown of why pricing influences not just what we buy, but how we feel about our purchases

Give What Happened When Panera Launched a Pay-What-You-Can Experiment from NPR a read. It explores what happens when a company puts pricing power in the hands of customers—and why even well-intentioned models don’t always go as planned. 

Stay well,

Kimberly

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