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Exploring the role of spotlight effect in pay‐what‐you‐want (PWYW) pricing—An anchoring and adjustment perspective
Psychology and Marketing ( IF 5.507 ) Pub Date : 2021-03-05 , DOI: 10.1002/mar.21474
Rajat Roy 1 , Piyush Sharma 2 , Ricky Y. K. Chan 3 , Vidyasagar Potdar 2
Affiliation  

This paper investigates social influences on Pay‐What‐You‐Want (PWYW) pricing decisions by combining a socio‐psychological phenomenon, called “spotlight effect” (defined as an egocentric bias while estimating the salience of one's own behavior and external appearance), with the well‐established “anchoring and adjustment” perspective. We test our hypotheses with one field study and two lab experiments. Findings show that when making a payment in PWYW setting, customers perceive greater attention on self (vs. others) and in the presence of distant (vs. close) others, which makes them initially anchor the price they are willing to pay on their internal reference price. However, this anchoring effect is adjusted downwards (i.e., reduced) in the presence of external reference prices. Our findings would help managers understand the factors influencing customers' PWYW pricing decisions, based on their internal and external reference prices. Managers can further use this knowledge to develop more effective strategies to drive higher PWYW prices.

中文翻译:

探索聚光灯效应在按需付费(PWYW)定价中的作用-定位和调整角度

本文通过结合称为“聚光灯效应”(定义为以自我为中心的偏见,同时估计自己的行为和外表的显着性)的社会心理现象,研究了社会对按需付费(PWYW)定价决策的影响,具有完善的“锚定和调整”观点。我们通过一项现场研究和两项实验室实验来检验我们的假设。研究结果表明,在PWYW设置中进行付款时,客户会更多地关注自己(相对于他人)和远方(相对于亲友)的存在,这使他们最初将愿意为自己的内部支付的价格确定下来参考价。但是,在存在外部参考价格的情况下,这种锚定效应会向下调整(即降低)。我们的发现将帮助管理人员根据客户的内部和外部参考价格,了解影响客户PWYW定价决策的因素。管理人员可以进一步利用这些知识来制定更有效的策略,以提高PWYW的价格。
更新日期:2021-04-06
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