Interrelationships and distinct effects of internal reference prices on perceived expensiveness and demand

Abstract

Abstract Although the role of reference prices is widely accepted, what reference price people use in what evaluation has received little attention. This article proposes that the compatibility of framing determines what reference price is used in different evaluations. Specifically, it is found that the market‐framed fair reference price determines the market‐framed perception of expensiveness and that the personally framed reservation price determines the personally framed demand. © 2003 Wiley Periodicals, Inc.

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