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| Author: | Garbarino, E. Slonim, R. |
| Title: | Interrelationships and distinct effects of internal reference prices on perceived expensiveness and demand |
| Journal: | Psychology & Marketing
2003 : MAR, VOL. 20:3, p. 227-248 |
| Index terms: | Consumer attitudes Prices Products Psychology |
| Language: | eng |
| Abstract: | Although the role of reference prices is widely accepted, what reference price people use in what evaluation has received little attention. This article proposes that the compatibility of framing determines what reference price is used in different evaluations. Specifically, it is found that the market-framed fair reference price determines the market-framed perception of expensiveness and that the personally framed reservation price determines the personally framed demand. The current study represents one of the first attempts to theorize about and test the systematic relationships among a variety of internal reference prices (IRP), and the unique impact of conceptually different IRPs on outcome evaluation. The current research demonstrates that past prices and product desirability interact to determine the ordering of reference prices such that the fair reference price is lower than the expected, and the reservation price is higher for desirable products and lower for less-desirable products. |
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