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This is apparently a subject of debate (see: http://skeptics.stackexchange.com/questions/2359/the-origin-...)

Most sources agree that its origins are in psychology, though your theory may explain its widespread adoption by retailers:

http://www.helium.com/items/705308-the-history-of-odd-retail...

http://www.eurekalert.org/pub_releases/2011-09/ru-9pm090611....

Exactly my point, in online shopping pricing it .99 has any affect globally? I am very curious.

Making it harder for employees to pocket the cash and pretend the transaction never happened, one of the most common techniques used by cashiers to increase their hourly wage. Just thought I'd explain a little bit more for anyone who still didn't get it.