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    The general theory of behavioral pricing: Applying complexity theory to explicate heterogeneity and achieve high-predictive validity

    229448_229448a.pdf (638.2Kb)
    Access Status
    Open access
    Authors
    Woodside, Arch
    Date
    2015
    Type
    Journal Article
    
    Metadata
    Show full item record
    Citation
    Woodside, A. 2015. The general theory of behavioral pricing: Applying complexity theory to explicate heterogeneity and achieve high-predictive validity. Industrial Marketing Management. 47: pp. 39-52.
    Source Title
    Industrial Marketing Management
    DOI
    10.1016/j.indmarman.2015.02.004
    ISSN
    0019-8501
    School
    School of Marketing
    URI
    http://hdl.handle.net/20.500.11937/30997
    Collection
    • Curtin Research Publications
    Abstract

    Building behavioral-pricing models-in-contexts enriches one or more goals of science and practice: description, understanding, prediction, and influence/control. The general theory of behavioral strategy includes a set of tenets that describes alternative configurations of decision processes and objectives, contextual features, and beliefs/assessments associating with different outcomes involving specific price-points. This article explicates these tenets and discusses empirical studies which support the general theory. The empirical studies include the use of alternative data collection and analytical tools including true field experiments, think aloud methods,long interviews, ethnographic decision-tree-modeling, and building and testing algorithms (e.g., fuzzy-set qualitative comparative analysis). The general theory of behavioral pricing involves the blending of cognitive science, complexity theory, economics, marketing, psychology, and implemented practices. Consequently, behavioural pricing theory is distinct from context-free microeconomics, market-driven, and competitor-only price-setting. Capturing and reporting contextually-driven alternative routines to price setting by a compelling set of tenets represent what is particularly new and valuable about the general theory. The general theory serves as a usefulfoundation for advances in pricing theory and improving pricing practice.

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