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Buyer Behavior in Pay-What-You-Want Pricing

In: New Directions in Behavioral Pricing

Author

Listed:
  • Lucas Stich
  • Martin Spann

Abstract

Pay-What-You-Want (PWYW) pricing delegates full control over the price to prospective buyers. Contrary to the rational self-interest prediction that all buyers will take the product and pay nothing, field applications of PWYW show that many buyers do not exploit this control but pay positive prices voluntarily. In this chapter, we discuss three key theoretical accounts that explain buyer behavior in PWYW pricing settings. Based on these theoretical accounts, we discuss implications for the design and effectiveness of PWYW as a pricing mechanism. In addition, we discuss opportunities for future research and practice.

Suggested Citation

  • Lucas Stich & Martin Spann, 2024. "Buyer Behavior in Pay-What-You-Want Pricing," World Scientific Book Chapters, in: Chezy Ofir (ed.), New Directions in Behavioral Pricing, chapter 5, pages 117-141, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811292231_0005
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    JEL classification:

    • D4 - Microeconomics - - Market Structure, Pricing, and Design
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing

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