The Ghosts of Information Past and Future: Effects of Memory and Motivation on Reference Prices

Jolie Martin, University of Minnesota, USA
Tomas Lejarraga, University of the Balearic Islands, Spain
Cleotilde Gonzalez, Carnegie Mellon University, USA
In many real-world marketplaces, potential reference prices abound. An experiment testing the contextual determinants of reference prices shows that availability of historical prices and participant assignment to the role of seller (rather than buyer) both increase reliance on early and high prices, but decrease reliance on average and recent prices.
[ to cite ]:
Jolie Martin, Tomas Lejarraga, and Cleotilde Gonzalez (2012) ,"The Ghosts of Information Past and Future: Effects of Memory and Motivation on Reference Prices", in NA - Advances in Consumer Research Volume 40, eds. Zeynep G├╝rhan-Canli, Cele Otnes, and Rui (Juliet) Zhu, Duluth, MN : Association for Consumer Research, Pages: 817-818.