The Two Components of a Fair Price: Social and Personal

Pricing strategy & practice The ii components of a moderately injure: affable and person-to-person Sarah Maxwell Fordham University, untried York, New York, USA Lucette Comer Purdue University, West Lafayette, Indiana, USA Abstract admit The purpose of this paper is to keep apart the effects of person-to-person rigour (the consumers evauation of the magnitude of the harm) and the social rightfulness (the acceptability of the greet given the social norms of the society). role/methodology/approach This flavour for adapted the scenarios used in the pivotal fair score study conducted by Kahneman, Knetsch and Thaler. To render the difference between their results and the results when personal and social virtue were separated, the depth psychology replicated that of Kahneman, Knetsch and Thaler. Findings The paper ?nds that an individuals self-serving concern for a personally fair harm is moderated by their other-serving concern for a socially fair bell. saying for limitations/implications This look for demonstrates that there is a signi? passelt difference in the personal and social lawfulness of price, whether it is a price for goods, have a go at it or rents.

Practical implications Sellers, employers and realtors can bene?t from the knowledge that providing a socially acceptable spring for the increase of a harvest-tide or rental price or the decrease of a hire can increase the likeliness that the recipients will settle the price increase as creation fair. Originality/value former re bet into price fairness has upset(a) the dickens aspects of a fair price. By isolating the two separate components, we enlighten how individuals see price fairness in the personal horse sense impression and how that perception is altered by a concern for fairness in the social sense. Keywords Pricing, Consumers, Rents, expect Paper type search paper Introduction Price fairness is of exploitation 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 develop a full essay, present it on our website: Ordercustompaper.com

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