Violations of rational choice principles in pricing decisions

被引:37
作者
Hinterhuber, Andreas [1 ]
机构
[1] Hinterhuber & Partners, Innsbruck, Austria
关键词
Pricing; Behavioral economics; Violations of rationality; Purchasing criteria; Price setting; WILLINGNESS-TO-PAY; REFERENCE PRICES; CONSUMER PERCEPTIONS; EMPIRICAL-ANALYSIS; PERCEIVED QUALITY; MARKETING ACTIONS; ENDINGS; IMPACT; CUSTOMER; ENTRY;
D O I
10.1016/j.indmarman.2015.02.006
中图分类号
F [经济];
学科分类号
02 ;
摘要
Research on behavioral and psychological aspects of pricing is concerned with violations of rationality. This paper presents a comprehensive overview of the current literature by highlighting those studies that have specific relevance for industrial pricing. I hereby examine two different perspectives. First, by taking the customer perspective, I analyze under which circumstances customer purchase decisions violate basic principles of rational choice. Second, by taking the perspective of managers, I examine which biases affect the process of price setting within firms. This overview meaningfully advances industrial pricing theory and practice: It allows both customers and managers to guard themselves against widely diffused traps in decision making. It also enables managers to favorably influence customer perceptions of value and price without actually changing the price. Finally, by pulling together a number of different research areas into a more parsimonious framework and a tighter narrative, this framework offers systematic directions for future research. (C) 2015 Elsevier Inc. All rights reserved.
引用
收藏
页码:65 / 74
页数:10
相关论文
共 119 条
[1]   Conscious and Nonconscious Comparisons with Price Anchors: Effects on Willingness to Pay for Related and Unrelated Products [J].
Adaval, Rashmi ;
Wyer, Robert S., Jr. .
JOURNAL OF MARKETING RESEARCH, 2011, 48 (02) :355-365
[2]   Consumer response to uncertain promotions: An empirical analysis of conditional rebates [J].
Ailawadi, Kusum L. ;
Gedenk, Karen ;
Langer, Tobias ;
Ma, Yu ;
Neslin, Scott A. .
INTERNATIONAL JOURNAL OF RESEARCH IN MARKETING, 2014, 31 (01) :94-106
[3]   Does demand fall when customers perceive that prices are unfair? The case of premium pricing for large sizes [J].
Anderson, Eric T. ;
Simester, Duncan I. .
MARKETING SCIENCE, 2008, 27 (03) :492-500
[4]   Effects of $9 Price Endings on Retail Sales: Evidence from Field Experiments [J].
Anderson, Eric T. ;
Simester, Duncan I. .
QME-QUANTITATIVE MARKETING AND ECONOMICS, 2003, 1 (01) :93-110
[5]   Are sale signs less effective when more products have them? [J].
Anderson, ET ;
Simester, DI .
MARKETING SCIENCE, 2001, 20 (02) :121-142
[6]   The role of sale signs [J].
Anderson, ET ;
Simester, DI .
MARKETING SCIENCE, 1998, 17 (02) :139-155
[7]   Price and brand name as indicators of quality dimensions for consumer durables [J].
Brucks, M ;
Zeithaml, VA ;
Naylor, G .
JOURNAL OF THE ACADEMY OF MARKETING SCIENCE, 2000, 28 (03) :359-374
[8]  
[Anonymous], 2011, Who's in charge? Free will and the science of the brain
[9]  
[Anonymous], J MARKETING THEORY P
[10]  
[Anonymous], J ACAD MARKETING SCI