The presence of reference price: How value can appear convergent to buyers and sellers

Chien Huang Lin, Shih Chieh Chuang, Chaang Yung Kung

Research output: Contribution to journalArticlepeer-review

5 Scopus citations

Abstract

This paper argues that the endowment effect-the tendency of minimum selling price to exceed maximum buying price for a particular object-might be minimized when a reference price appears. The findings from 418 participants in two experiments support our hypothesis: the endowment effect would be smaller when the reference price is available. The importance of reference price is thus highlighted.

Original languageEnglish
Pages (from-to)237-241
Number of pages5
JournalAdvances in Consumer Research
Volume33
StatePublished - 2006

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