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Did you hear what my friend paid! examining the consequences of social comparisons of prices
This paper examines the impact of social comparisons of prices. It considers the effects of price comparisons on consumers when they get a better bargain and when they pay more. This study finds that satisfaction with both the store and the product purchased are lower when consumers pay more than others. Findings also suggest that prices consumers are willing to pay more easily go down than up, where as perceptions of prices stores normally charge stay the same or even increase.