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Reference price and price perceptions: a comparison of alternative models

By Ronald W. Niedrich


Reference price effects on consumer price perceptions are often explained by Helson’s adaptation-level theory, in which the cognitive representation of reference price is the prototype of the relevant category. However, recent conceptualizations and empirical evidence suggest the possibility of an exemplar model, which may be specified using Volkmann’s range theory or Parducci’s range-frequency theory. In two experiments, these three contextual models of reference price effects are pitted against one another. Based on the MANOVA and model fitting, range-frequency theory accounted for reference price effects that the other theories could not, suggesting that consumers compare the target price against specific member

Topics: of the category rather than the category prototype. A third experiment demonstrated
Year: 2001
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