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Do consumers really know if the price is right ? Direct measures of references price are their implications for retailing

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  • VANHUELE, Marc
  • DREZE, Xavier
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    Abstract

    Reference price research suggest that consumers memorize and recall price information when selecting brands for frequently purchased products. In this study, we show that previous price-knowledge surveys provided imperfect estimates of reference price. Further, we propose to use a combination of price recall, price recognition, and deal recognition to measure representations to memorize prices. In addition we identify consumer and product characteristics that explain the variations in price knowledge.

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    File URL: http://www.hec.fr/var/fre/storage/original/application/1ca1f8fee6a19d3a3fe7b1fa3ae9dc4d.pdf
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    Bibliographic Info

    Paper provided by HEC Paris in its series Les Cahiers de Recherche with number 711.

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    Length: 45 pages
    Date of creation: 01 Sep 2000
    Date of revision:
    Handle: RePEc:ebg:heccah:0711

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    Postal: HEC Paris, 78351 Jouy-en-Josas cedex, France
    Web page: http://www.hec.fr/
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    Related research

    Keywords: price knowledge; reference price; retailing;

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Schindler, Robert M & Kirby, Patrick N, 1997. " Patterns of Rightmost Digits Used in Advertised Prices: Implications for Nine-Ending Effects," Journal of Consumer Research, University of Chicago Press, vol. 24(2), pages 192-201, September.
    2. Briesch, Richard A, et al, 1997. " A Comparative Analysis of Reference Price Models," Journal of Consumer Research, University of Chicago Press, vol. 24(2), pages 202-14, September.
    3. Urbany, Joel E & Dickson, Peter R, 1991. " Consumer Normal Price Estimation: Market versus Personal Standards," Journal of Consumer Research, University of Chicago Press, vol. 18(1), pages 45-51, June.
    4. Stiving, Mark & Winer, Russell S, 1997. " An Empirical Analysis of Price Endings with Scanner Data," Journal of Consumer Research, University of Chicago Press, vol. 24(1), pages 57-67, June.
    5. Kalyanaram, Gurumurthy & Little, John D C, 1994. " An Empirical Analysis of Latitude of Price Acceptance in Consumer Package Goods," Journal of Consumer Research, University of Chicago Press, vol. 21(3), pages 408-18, December.
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