Do Consumer Prefer Round Prices? Evidence from Pay-What-You-Want Decisions and Self-Pumped Gasoline Purchases
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Consumers selected round prices and/or sales-totals at greater than chance levels across two different pay-what-you-want situations and one self-pumped gasoline purchase. The differences among these situations suggest that the tendency to select round prices/sales-totals reflects a subjective preference (or liking) for round prices and not a variety of other potential explanatory processes. Discussion focuses on possible economic consequences of this revealed preference for round prices as well as directions for future research.
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round prices; sales totals; consumer preference
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Required Publisher Statement: © Elsevier. Final version published as: Lynn, M., Flynn, S. M., & Helion, C. (2013). Do consumer prefer round prices? Evidence from pay-what-you-want decisions and self-pumped gasoline purchases. Journal of Economic Psychology, 36, 96-102. Reprinted with permission. All rights reserved.