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| Author: | Sehity, T. el Hoelzl, E. Kirchler, E. |
| Title: | Price developments after a nominal shock: Benford's Law and psychological pricing after the euro introduction |
| Journal: | International Journal of Research in Marketing
2005 : DEC, VOL. 22:4, p. 471-480 |
| Index terms: | marketing pricing retailing currency |
| Language: | eng |
| Abstract: | Psychological pricing (hereafter as: ps-pr-g.) is used to make the prices (here as: prc./prcs.) of goods appear to be just below a round number. The euro introduction (as: intr.) in 2002, with its various exchange rates, distorted existing nominal pr. patterns while retaining real prcs. This study deals with consumer prcs. before and after the euro intr. by using Benford's Law as a benchmark (as: b-m.) for pr. adjustments. Results indicate the usefulness of this b-m. for detecting irregularities in prcs., and a clear trend towards ps-pr-g. after the nominal shock of the euro intr. Furhermore, the tendency towards ps-pr-g. results in different inflation rates in dependence of the pr. pattern. |
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