Consumer Perceptions of Price (Un)Fairness

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ID: 298663
2003
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Abstract
A series of studies demonstrates that consumers are inclined to believe that the selling price of a good or service is substantially higher than its fair price. Consumers appear sensitive to several reference points—including past prices, competitor prices, and cost of goods sold—but underestimate the effects of inflation, overattribute price differences to profit, and fail to take into account the full range of vendor costs. Potential corrective interventions—such as providing historical price information, explaining price differences, and cueing costs—were only modestly effective. These results are considered in the context of a four-dimensional transaction space that illustrates sources of perceived unfairness for both individual and multiple transactions.
Reference Key
openalex_W2170500788 Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors Lisa E. Bolton, Luk Warlop, Joseph W. Alba
Journal journal of consumer research
Year 2003
DOI
10.1086/346244
URL
https://doi.org/10.1086/346244
Keywords Keywords not found

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