Sensitivity to Price Changes According to the Weber Fraction: Implications For the General Price Elasticity

Robert Mackiewicz, University of Social Science and Humanities, Poland
Andrzej Falkowski, University of Social Science and Humanities, Poland
Price sensitivity measured as Weber fraction and price elasticity of demand depend on the frame of reference: a purchase may be considered either as gain (price decrease condition) or loss (price decrease condition). The paper compares psychological and economical methods of studying the price / demand relationship.
[ to cite ]:
Robert Mackiewicz and Andrzej Falkowski (2015) ,"Sensitivity to Price Changes According to the Weber Fraction: Implications For the General Price Elasticity", in NA - Advances in Consumer Research Volume 43, eds. Kristin Diehl and Carolyn Yoon, Duluth, MN : Association for Consumer Research.