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The Effect of Prior Knowledge on Price Acceptability and the Type of Information Examined


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  • Rao, Akshay R
  • Sieben, Wanda A
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    This article assesses whether differences in prior knowledge result in differences in (1) price acceptability and (2) the extent to which different types of information are examined. Using a personal computer-based methodology, subjects who varied in their prior product knowledge provided price responses, and the time they spent examining various kinds of information was measured. Acceptable price-range and points (price limits) were found to be lowest for low-knowledge subjects. Further, the extent to which price and related extrinsic information was examined was found to be lowest for moderatly knowledgeable subjects. Results from a second study provide substantive support for the claim that increasing prior knowledge is accompanied by an increase in both limits of the acceptable price range. Copyright 1992 by the University of Chicago.

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    Article provided by University of Chicago Press in its journal Journal of Consumer Research.

    Volume (Year): 19 (1992)
    Issue (Month): 2 (September)
    Pages: 256-70

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    Handle: RePEc:ucp:jconrs:v:19:y:1992:i:2:p:256-70

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    Cited by:
    1. Marine Le Gall-Ely, 2009. "Définition, mesure et déterminants du consentement à payer du consommateur : synthèse critique et voies de recherche," Post-Print hal-00522826, HAL.
    2. Mantin, Benny & Gillen, David, 2011. "The hidden information content of price movements," European Journal of Operational Research, Elsevier, vol. 211(2), pages 385-393, June.
    3. Miriam Tatzel, 2003. "The Art of Buying: Coming to Terms with Money and Materialism," Journal of Happiness Studies, Springer, vol. 4(4), pages 405-435, December.
    4. Tatzel, Miriam, 2002. ""Money worlds" and well-being: An integration of money dispositions, materialism and price-related behavior," Journal of Economic Psychology, Elsevier, vol. 23(1), pages 103-126, February.
    5. Kukar-Kinney, Monika, 2006. "The role of price-matching characteristics in influencing store loyalty," Journal of Business Research, Elsevier, vol. 59(4), pages 475-482, April.
    6. Nur’Hidayah Che Ahmat Author_Email: & Salleh Mohd Radzi & Mohd Salehuddin Mohd Zahari & Rosmaliza Muhammad, 2011. "The Effect Of Factors Influencing The Perception Of Price Fairness Towards Customer Response Behaviors," 2nd International Conference on Business and Economic Research (2nd ICBER 2011) Proceeding 2011-169, Conference Master Resources.
    7. Dentoni, Domenico & Peterson, H. Christopher, 2011. "Multi-Stakeholder Sustainability Alliances in Agri-Food Chains: A Framework for Multi-Disciplinary Research," International Food and Agribusiness Management Review, International Food and Agribusiness Management Association (IAMA), vol. 14(5).
    8. Gaia Rubera & Andrea Ordanini & David Mazursky, 2010. "Toward a contingency view of new product creativity: Assessing the interactive effects of consumers," Marketing Letters, Springer, vol. 21(2), pages 191-206, June.
    9. Puspa, Jofi & Kuhl, Rainer, 2006. "Building Consumer’s Trust through Persuasive Interpersonal Communication in a Saturated Market: The Role of Market Mavens," 99th Seminar, February 8-10, 2006, Bonn, Germany 7752, European Association of Agricultural Economists.
    10. de Bont, Cees J. P. M. & Schoormans, Jan P. L., 1995. "The effects of product expertise on consumer evaluations of new-product concepts," Journal of Economic Psychology, Elsevier, vol. 16(4), pages 599-615, December.
    11. Swaminathan, Vanitha, 2003. "Sequential brand extensions and brand choice behavior," Journal of Business Research, Elsevier, vol. 56(6), pages 431-442, June.


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