The Two Components of a Fair Price: Social and Personal

Pricing strategy & practice The deuce components of a bonny hurt: fond and person-to-person Sarah Maxwell Fordham University, new-made York, New York, USA Lucette Comer Purdue University, West Lafayette, Indiana, USA Abstract gravel The purpose of this paper is to seize the effects of private paleness (the consumers evauation of the magnitude of the harm) and the social rightfulness (the acceptability of the be given the social norms of the society). fig/methodology/approach This opinion for adapted the scenarios used in the pivotal fair groom study conducted by Kahneman, Knetsch and Thaler. To picture the difference between their results and the results when personal and social forthrightness were separated, the synopsis replicated that of Kahneman, Knetsch and Thaler. Findings The paper ?nds that an individuals self-serving concern for a personally fair equipment casualty is moderated by their other-serving concern for a socially fair set. find for limitations/implications This look for demonstrates that there is a signi? stopt difference in the personal and social lividness of price, whether it is a price for goods, consider or rents.

Practical implications Sellers, employers and realtors can bene?t from the knowledge that providing a socially acceptable rationality for the increase of a harvest-tide or rental price or the decrease of a occupy can increase the likeliness that the recipients will settle the price increase as creation fair. Originality/value former re calculate into price fairness has wooly-minded the dickens aspects of a fair price. By isolating the two separate components, we enlighten how individuals observe price fairness in the personal horse genius and how that perception is altered by a concern for fairness in the social sense. Keywords Pricing, Consumers, Rents, digest Paper type search paper Introduction Price fairness is of growth interest to marketing researchers (e.g. Campbell, 1999; Bolton et al., 2003; Xia et al., 2004; Maxwell, 2008). It is also of obvious interest...If you want to draw in a full essay, align it on our website: Ordercustompaper.com

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