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ToolsViglia, G. and Abrate, G., 2014. How social comparison influences reference price formation in a service context. Journal of Economic Psychology, 45, 168 - 180.
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DOI: 10.1016/j.joep.2014.09.003
Abstract
What is the influence on reference price when the source of price information is anonymous versus social? This article investigates the formation of reference prices given an observed sequence of past prices in a service context. An experimental study suggests that, considering the same price information, if the source is social (i.e., the prices paid by colleagues), then consumers want to pay less. More specifically, social comparison changes the way individuals weigh information, attributing more importance to the lowest historical prices and to the range in price variations.
| Item Type: | Article |
|---|---|
| ISSN: | 0167-4870 |
| Uncontrolled Keywords: | reference price, social comparison, dynamic pricing, Prelec weighting function |
| Group: | Bournemouth University Business School |
| ID Code: | 21671 |
| Deposited By: | Symplectic RT2 |
| Deposited On: | 02 Feb 2015 16:04 |
| Last Modified: | 14 Mar 2022 13:50 |
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