Psychophysics of Prices
Open Access
- 1 February 1970
- journal article
- research article
- Published by SAGE Publications in Journal of Marketing Research
- Vol. 7 (1) , 27-35
- https://doi.org/10.1177/002224377000700102
Abstract
This article develops and tests a “fair price” theory which is essentially contradictory to Weber's Law. As price levels rise, a constant price differential between brands becomes more important, rather than less important, in determining market share. Many testable hypotheses can be derived from this theoretical formulation.Keywords
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