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The new concept transaction utility is modeled as depending the difference between the selling price and a reference price. This new concept is used to explain why individuals will sometimes be unwilling to either buy or sell a given product at a given price, why sellers can find it profit maximizing to charge a less than market clearing price, and ways sellers can charge higher prices while minimizing the loss of long run sales.
Consider the following three pairs of questions. You are a big baseball fan. You have always wanted to go to Rolling stones research paper World Series. Your team has finally won the pennant. The games are on television but you would much rather go in person.
Do you sell or go to the game? Do you buy or stay home? A large majority or subjects say they will go to the game in version a but not go in version balthough the questions are formally identical. You set off to buy a new radio [color television set]. The store is a minute drive away and the clerk assures you that they have what you want there.
Do you buy here or go to the other store? You are lying on the beach on a hot day. All you have to drink is ice water. For the last hour you have been thinking about how much you Would enjoy a nice cold bottle of your favorite brand of beer.
A companion gets up to go make a phone call and offers to bring back a beer from the only nearby place where beer is sold a fancy resort hotel [a small, run-down grocery store].
He says that the beer might be expensive and so asks how much you are willing to pay for the beer. He says that he will buy the beer if it costs as much or less than the price you state.
But if it costs more than the price you state he will not buy it. You trust your friend, and there is no possibility of bargaining with the bartender [store owner]. What price do you tell him? Not surprisingly, when the two versions of this questionnaire were administered to Participants at an executive development program, those receiving the fancy resort hotel version gave significantly higher responses than those receiving the small, run-down grocery version medians: This result occurs in spite of the following features of this example: In both versions the ultimate consumption act is the same - drinking one beer on the beach.
The beer is the same in each case. There is no possibility or strategic behavior in stating the reservation price.
No "atmosphere" is consumed by the respondent. Care has been taken in oral instructions to make sure that the subjects understand the question and are not answering the related question, "What price do you expect to have to pay? This paper presents part of a new economic theory of the consumer in which such responses are not anomalies.
Nonetheless most of the traditional results f rom economic theory in particular the downward sloping demand curve remain. In particular the prospect theory value function v. The value function has three important features.
Interested readers should see the papers cited above for details. The model is an attempt to describe the mental coding of financial transactions. To do this, two theoretical constructs are needed: For the purchase of a particular good z, the value equivalent, denoted p, is defined as the amount of cash the individual would need to make him indifferent between receiving the cash or z as a gift.
The reference price, px, is the amount of money the individual expects to have to pay for z.
Alternatively, it can be thought of as an estimate of a fair or just price. For a given purchase of good z at price p, two types of utility are postulated.
Acquisition utility represents the economic gain or loss from the transaction and is a function of p - p. Acquisition utility captures the usual results from the economic theory of the consumer.Get the latest music news, watch video clips from music shows, events, and exclusive performances from your favorite artists.
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Print custom fabric, wallpaper, gift wrap with Spoonflower starting at $5. Sticky Fingers is the ninth British and eleventh American studio album by the English rock band The Rolling Stones, released in April It is the band's first album of the decade and the first release on the band's new label Rolling Stones Records, after having been contracted since with Decca Records in the UK and London Records in.