Ticket prices

Does changing ticket prices really affect bookings ?
If I lower a fare…does it really produce more bookings?

In short, yes it does. It is the single most important factor which affects your ORS rating, which in turn determines how highly your flight is rated for a particular route. Whether it actually produces more bookings is a lot more variable and is dependant on demand, competition and connections.

For a more detailed explanation on how price and other product/image factors impact the ORS rating, see my reply in a previous thread (Questions about the ORS booking system - #2 by webbo)