Behavioral Economics in Pricing and Consumer Decision-Making

Authors

  • Dr. Hana Lee Department of Economics, Seoul National University, South Korea

Keywords:

Behavioral economics, pricing strategies, consumer behavior, decision-making, retail management

Abstract

This study explores the application of behavioral economics principles in retail pricing strategies. Using experiments with 5,000 consumers in Europe and Asia, the research demonstrates that loss aversion, anchoring, and decoy effects significantly influence purchase behavior. Managers are advised to incorporate these insights ethically to enhance customer satisfaction and sales performance.

Published

31-12-2016

How to Cite

Dr. Hana Lee. “Behavioral Economics in Pricing and Consumer Decision-Making”. The Sankalpa: International Journal of Management Decisions, vol. 2, no. 2, Dec. 2016, pp. 71-80, https://www.thesankalpa.org/ijmd/article/view/22.

Issue

Vol. 2 No. 2 (2016): July - December 2016

Section

Original Articles

License

Copyright (c) 2016 The Sankalpa: International Journal of Management Decisions

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.