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Consumers' Immediate Memory for Prices

Author

Listed:
  • Marc Vanhuele

    (GREGH - Groupement de Recherche et d'Etudes en Gestion à HEC - HEC Paris - Ecole des Hautes Etudes Commerciales - CNRS - Centre National de la Recherche Scientifique)

  • Gilles Laurent

    (GREGH - Groupement de Recherche et d'Etudes en Gestion à HEC - HEC Paris - Ecole des Hautes Etudes Commerciales - CNRS - Centre National de la Recherche Scientifique)

  • X. Drèze

Abstract

We examine the cognitive mechanics involved in keeping prices in short-term memory for subsequent recall. Consumers code and store prices verbally, visually, and in terms of their magnitude. The encoding used influences immediate recall performance. The memorability of prices depends on their verbal length, usualness, and overall magnitude. We find that the performance of consumers is affected by their pronunciation speed and price abbreviation habits. Overall, consumers recall prices better that what previous digit span studies with simple numbers have suggested

Suggested Citation

  • Marc Vanhuele & Gilles Laurent & X. Drèze, 2006. "Consumers' Immediate Memory for Prices," Post-Print halshs-00119558, HAL.
    • Handle: RePEc:hal:journl:halshs-00119558
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    Citations

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    Cited by:

    1. Carvalho, M., 2011. "Essays in behavioral microeconomic theory," Other publications TiSEM 97fbb10e-5f12-420b-b8c4-e, Tilburg University, School of Economics and Management.
    2. Feng, Shan & Suri, Rajneesh & Chao, Mike Chen-Ho & Koc, Umit, 2017. "Presenting comparative price promotions vertically or horizontally: Does it matter?," Journal of Business Research, Elsevier, vol. 76(C), pages 209-218.
    3. Mitra, Debanjan & Fay, Scott, 2010. "Managing Service Expectations in Online Markets: A Signaling Theory of E-tailer Pricing and Empirical Tests," Journal of Retailing, Elsevier, vol. 86(2), pages 184-199.
    4. Linzmajer, Marc & Hubert, Mirja & Hubert, Marco, 2021. "It’s about the process, not the result: An fMRI approach to explore the encoding of explicit and implicit price information," Journal of Economic Psychology, Elsevier, vol. 86(C).
    5. Lillian L. Cheng & Kent B. Monroe, 2013. "An appraisal of behavioral price research (part 1): price as a physical stimulus," AMS Review, Springer;Academy of Marketing Science, vol. 3(3), pages 103-129, September.
    6. DAMAY, Coralie, 2007. "Mémorisation des prix par les enfants : Que nous apprennent leurs erreurs de rappel ?," HEC Research Papers Series 871, HEC Paris.
    7. Carvalho, M., 2009. "Price Recall, Bertrand Paradox and Price Dispersion With Elastic Demand," Discussion Paper 2009-69, Tilburg University, Center for Economic Research.
    8. Raijas, Anu & Aalto-Setälä, Ville, 2009. "Development of Finns’ price knowledge after the changeover to the euro," Journal of Retailing and Consumer Services, Elsevier, vol. 16(1), pages 19-24.
    9. Jensen, Birger Boutrup & Grunert, Klaus G., 2014. "Price Knowledge During Grocery Shopping: What We Learn and What We Forget," Journal of Retailing, Elsevier, vol. 90(3), pages 332-346.
    10. Nicole Koschate-Fischer & Katharina Wüllner, 2017. "New developments in behavioral pricing research," Journal of Business Economics, Springer, vol. 87(6), pages 809-875, August.
    11. Kavita Sharma & Shivani Garg, 2016. "An Investigation into Consumer Search and Evaluation Behaviour: Effect of Brand Name and Price Perceptions," Vision, , vol. 20(1), pages 24-36, March.
    12. Zemin (Zachary) Zhong, 2022. "Chasing Diamonds and Crowns: Consumer Limited Attention and Seller Response," Management Science, INFORMS, vol. 68(6), pages 4380-4397, June.
    13. Keith S. Coulter, 2013. "Commentary on: “an appraisal of behavioral price research (Part I)”," AMS Review, Springer;Academy of Marketing Science, vol. 3(3), pages 135-140, September.
    14. Ofir, Chezy & Raghubir, Priya & Brosh, Gili & Monroe, Kent B. & Heiman, Amir, 2008. "Memory-Based Store Price Judgments: The Role of Knowledge and Shopping Experience," Journal of Retailing, Elsevier, vol. 84(4), pages 414-423.
    15. Lillian L. Cheng & Kent B. Monroe, 2013. "Some reflections on an appraisal of behavioral price research (part 1)," AMS Review, Springer;Academy of Marketing Science, vol. 3(3), pages 155-159, September.

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