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

Marc Vanhuele and Xavier Dreze

No 711, HEC Research Papers Series from HEC Paris

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.

Keywords: price knowledge; reference price; retailing (search for similar items in EconPapers)
JEL-codes: D11 E31 L81 (search for similar items in EconPapers)
Pages: 45 pages
Date: 2000-09-01
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Persistent link: https://EconPapers.repec.org/RePEc:ebg:heccah:0711

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