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

  • VANHUELE, Marc
  • DREZE, Xavier
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    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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    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
    Contact details of provider: Postal: HEC Paris, 78351 Jouy-en-Josas cedex, France
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    1. 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.
    2. 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.
    3. 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.
    4. 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.
    5. 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.
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