Analysis of Society’s Perception of Fair Price and its Influence on Firms’ Actions in Times of Pandemic

Fabiano Simões Coelho, Clea Beatriz Macagnan and Roberto Frota Decourt

Journal of Economic Issues, 2024, vol. 58, issue 3, 882-905

Abstract: Using two questionnaires, the first applied in Brazil in March 2020, at the beginning of the COVID-19 pandemic, and the second applied in August 2020, when the pandemic’s effects were best known, the authors analyze society’s perception of fair price and its influence on firms’ actions in times of pandemic, through the lens of neoclassical and institutional theories. They also suggest if this perception causes consumers to punish companies that do not respect the informal rules of society. Together, the questionnaires provide evidence that society, through informal rules, plays a fundamental role in influencing the actions of firms. Finally, the analyses suggest that institutional theory produces better interpretations of society’s behavior regarding its perception of fair price. This understanding could contribute to firms making more assertive decisions by mitigating possible risks that affect their brand and results.

Date: 2024
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DOI: 10.1080/00213624.2024.2382038

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