Violations of rational choice principles in pricing decisions

Violations of rational choice principles in pricing decisions

Andreas-Hinterhuber.
Written by
Andreas Hinterhuber

Published on

1 May 2015

Type

Article

Read time

15 min

Our masterpiece:  A comprehensive framework illustrates how decisions about purchase prices by customers and price setting decisions by managers consistently violate principles of rational choice. Understanding these biases allows managers to influence customer choice and to improve the effectiveness of their own pricing decisions. 

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