Relative thinking in consumer choice between differentiated goods and services and its implications for business strategy
The article shows that when people consider differentiated goods or services that differ in price and quality, they exhibit a decision-making bias of “relative thinking”: relative price differences affect them even when economic theory suggests that only absolute price differences matter. This resul...
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| Format: | Article |
| Language: | English |
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Cambridge University Press
2011-02-01
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| Series: | Judgment and Decision Making |
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| Online Access: | https://www.cambridge.org/core/product/identifier/S1930297500004125/type/journal_article |