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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

    (HEC Paris - Recherche - Hors Laboratoire - HEC Paris - Ecole des Hautes Etudes Commerciales)

  • Xavier 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 than what previous digit span studies with simple numbers have suggested.

Suggested Citation

  • Marc Vanhuele & Gilles Laurent & Xavier Drèze, 2011. "Consumers' Immediate Memory for Prices," Working Papers hal-00584569, HAL.
    • Handle: RePEc:hal:wpaper:hal-00584569
    as

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