unions

Everyone keeps bringing up the JC Penny thing as an example of how people are dumb, except it's actually just a demonstration of people being logical and the logical choice being unprofitable.

If you know prices are going to stay the same no matter what, then you buy things only as you need them. If they get discounted at times and have an extra large markup the rest of the time, then you would have to make a prediction on whether you'll need it in the future. Since we can't predict the future, you inevitably get this wrong and end up with more than you need or missing the stuff you need. Whichever way, you'll be spending more in these kinds of stores either through buying stuff you never end up needing or being forced to buy things with a huge markup. JC Penny gave us the option to make a good choice. Everyone made that choice, but the good choice doesn't produce profit.

You forgot Steam Sales (although I don't think we have numbers on those, they really have been boring ever since they stopped the time limited offers).

Also, different point, but I think the entire Free To Play industry could be held as an example of the same mental processes that are at play.