I’ve seen this in supposedly “sophisticated” businesses as well 1) people misjudge what value others (the market) puts on their goods services and price much l

I’ve seen this in supposedly “sophisticated” businesses as well 1) people misjudge what value others (the market) puts on their goods services and price much lower than value (this is especially true in hobby type activities where if you think about a supply demand curve you don’t need to set price at a point that incents massive demand (1m), but rather at a point that incents demand of 1/10/100) 2) people are horrible at estimating their costs - just ask an Uber driver what he thinks his cost per mile are fully loaded (taking into account depreciation, consumables (tires/oil), fuel, time and mileage when not on a fare, etc)…