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Selling the Forest, Buying the Trees: The Effect of Construal Level on Seller-Buyer Price Discrepancy

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  • Caglar Irmak
  • Cheryl J. Wakslak
  • Yaacov Trope

Abstract

Four studies demonstrate that selling and buying prices are differentially influenced by the value of products' low- and high-level construal features. The study shows that sellers construe products at a higher level than do buyers and owners. Based on this, this study predicts and demonstrates that selling prices exceed buying prices when (1) the object's primary aspects are superior and the object's secondary aspects are inferior but not vice versa, (2) individuals focus on a product's desirability-related aspects rather than the same product's feasibility-related aspects, (3) individuals are in a "why" mind-set but not when they are in a "how" mind-set, and (4) the product's desirability aspects are superior and its feasibility aspects inferior but not vice versa. Further, sellers' and buyers' differential construal mediates the difference between seller and buyer prices, which emerges when a product's value derives from high-level features but not from low-level features.

Suggested Citation

  • Caglar Irmak & Cheryl J. Wakslak & Yaacov Trope, 2013. "Selling the Forest, Buying the Trees: The Effect of Construal Level on Seller-Buyer Price Discrepancy," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 40(2), pages 284-297.
    • Handle: RePEc:oup:jconrs:doi:10.1086/670020
    DOI: 10.1086/670020
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    Cited by:

    1. Daniel Villanova, 2019. "The extended self, product valuation, and the endowment effect," AMS Review, Springer;Academy of Marketing Science, vol. 9(3), pages 357-371, December.
    2. Kulow, Katina & Kwon, Mina & Barone, Michael J., 2021. "Does seeing bad make you do good? How witnessing retail transgressions influence responses to cause marketing offers," Journal of Business Research, Elsevier, vol. 132(C), pages 680-692.
    3. Kirshner, Samuel N., 2024. "GPT and CLT: The impact of ChatGPT's level of abstraction on consumer recommendations," Journal of Retailing and Consumer Services, Elsevier, vol. 76(C).
    4. Nicole Koschate-Fischer & Katharina Wüllner, 2017. "New developments in behavioral pricing research," Journal of Business Economics, Springer, vol. 87(6), pages 809-875, August.
    5. Kun Zhou & Jun Ye & Xiao-xiao Liu, 2023. "Is cash perceived as more valuable than digital money? The mediating effect of psychological ownership and psychological distance," Marketing Letters, Springer, vol. 34(1), pages 55-68, March.

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