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Analysis: The Psychology of Price

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Price Management

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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.”

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Notes

  1. 1.

    This actually happened in the German national “Lotto” on April 3, 2013.

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Authors and Affiliations

  1. Simon-Kucher & Partners Strategy and Marketing Consultants, Bonn, Germany

    Hermann Simon

  2. WHU – Otto Beisheim School of Management, Chair of Marketing and Commerce, Düsseldorf, Germany

    Martin Fassnacht

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  1. Hermann Simon
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  2. Martin Fassnacht
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Simon, H., Fassnacht, M. (2019). Analysis: The Psychology of Price. In: Price Management. Springer, Cham. https://doi.org/10.1007/978-3-319-99456-7_4

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