Is a good deal always fair? Examining the concepts of transaction value and price fairness

Research output: Contribution to journalArticlepeer-review

Abstract

Previous research has shown that if consumers are aware that they are paying more than another customer for a similar transaction, then they may perceive the price to be unfair. A concept closely related to fairness is transaction value, defined as consumers' perceptions of the psychological satisfaction or pleasure from taking advantage of a price deal. In this research, we conceptualize that although consumers' perceptions of price fairness and transaction value share many similarities, nevertheless there are also important differences. Using three studies, we empirically examine these differences. We show that although a " bad deal" is typically perceived to be an unfair price, a " good deal" is not necessarily perceived to be the fairest price.

Original languageEnglish (US)
Pages (from-to)884-894
Number of pages11
JournalJournal of Economic Psychology
Volume31
Issue number6
DOIs
StatePublished - Dec 1 2010

Keywords

  • Comparative reference
  • Price fairness
  • Social comparison
  • Transaction value

ASJC Scopus subject areas

  • Applied Psychology
  • Sociology and Political Science
  • Economics and Econometrics

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