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    The complexity turn in behavioral pricing

    Access Status
    Fulltext not available
    Authors
    Woodside, Arch
    Date
    2017
    Type
    Book Chapter
    
    Metadata
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    Citation
    Woodside, A. 2017. The complexity turn in behavioral pricing. In The Complexity Turn: Cultural, Management, and Marketing Applications, 105-132.
    Source Title
    The Complexity Turn: Cultural, Management, and Marketing Applications
    DOI
    10.1007/978-3-319-47028-3_4
    ISBN
    9783319470283
    School
    School of Marketing
    URI
    http://hdl.handle.net/20.500.11937/63338
    Collection
    • Curtin Research Publications
    Abstract

    © Springer International Publishing AG 2017. All rights reserved. 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, behavioral 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 represents what is particularly new and valuable about the general theory. The general theory serves as a useful foundation for advances in pricing theory and improving pricing practice.

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