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Value-based pricing and cognitive biases: An overview for business markets
Linköping University, Department of Management and Engineering, Industrial Economics. Linköping University, Faculty of Science & Engineering.
2017 (English)In: Industrial Marketing Management, ISSN 0019-8501, E-ISSN 1873-2062Article in journal (Refereed) In press
Abstract [en]

To investigate how cognitive biases inhibit value-based pricing practices among managers in business markets, this article considers five different cognitive biases—perceived lack of control, herding, fixed-pie bias, ambiguity aversion, and egocentric fairness bias—and their effects on value-based pricing. Despite recent calls for more research on the psychological aspects of pricing, few studies have focused on business markets. Drawing on research in psychology and marketing for its theoretical foundation, this overview extends the limited body of existing research. The article's key contribution is to explain how psychological challenges affect value-based pricing practices, with implications and suggestions for further research.

Place, publisher, year, edition, pages
Elsevier, 2017.
Keyword [en]
Value-based pricing; Cognitive bias; Debiasing; Business market; Managerial decision-making
National Category
Business Administration Applied Psychology
Identifiers
URN: urn:nbn:se:liu:diva-141951DOI: 10.1016/j.indmarman.2017.09.028OAI: oai:DiVA.org:liu-141951DiVA: diva2:1149273
Funder
Torsten Söderbergs stiftelse, E24/14
Available from: 2017-10-14 Created: 2017-10-14 Last updated: 2017-10-18Bibliographically approved

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Kienzler, Mario

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