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Price Volatility and Reference Price. Edition No. 1
VDM Publishing House, Oct 2008, Pages: 128
The most common understanding of reference price is
the price against which consumers evaluate the actual
price of the products they are considering to
purchase. Reference price is an essential component
of price judgment, which in turn is an important
element of pricing decisions. The impact of price
change on reference price has received substantial
attention in the literature. In spite of the
extensive research available on reference pricing,
the nature and the manner in which people form
reference prices is still not well understood. This
book provides additional insight into the nature of
the reference prices as well as into how consumers
use them to make price assessments when assessing
rapidly changing prices. In particular, this book
seeks answers to how and why the magnitude of the
price changes affect reference prices. In addition,
this book aims to provide a better understanding of
the price perceptions measured as gains or losses
from the reference price in a fluid pricing environment.
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