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Analysis: The Psychology of Price

In: Price Management

Author

Listed:
  • Hermann Simon

    (Simon-Kucher & Partners Strategy and Marketing Consultants)

  • Martin Fassnacht

    (WHU – Otto Beisheim School of Management, Chair of Marketing and Commerce)

Abstract

The psychology of price is supplementary to the perspectives of classical economics and thus contributes to a more comprehensive understanding of the effects of price. Economics and marketing are not solely based on the rational assumptions of homo oeconomicus, which form the basis of classical theory. Price management and its processes should not be seen exclusively from the economic point of view. Perspectives from behavioral sciences should support them as well. This chapter provides an overview of price psychology and illustrates the variety of themes within the new research field “behavioral pricing.”

Suggested Citation

  • Hermann Simon & Martin Fassnacht, 2019. "Analysis: The Psychology of Price," Springer Books, in: Price Management, chapter 4, pages 143-172, Springer.
    • Handle: RePEc:spr:sprchp:978-3-319-99456-7_4
    DOI: 10.1007/978-3-319-99456-7_4
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