The utility of an information processing approach for behavioral price research

Abstract

In their article, Cheng and Monroe provide a historical perspective on behavioral research in pricing. Their consolidation of evidence spanning four decades of research on pricing is testimony to the richness that can result from the convergence of different perspectives and fields on a common set of phenomena. Although the article is framed in terms of concepts that have emerged from substantive concerns, there might be some utility in thinking about the issues in behavioral price research within the framework of an information processing model. Such a model allows one to localize different effects at various stages of processing and helps to raise additional issues to be investigated.