Kahneman, Daniel; Knetsch, Jack L; Thaler, Richard - In: American Economic Review 76 (1986) 4, pp. 728-41
Community standards of fairness for the setting of prices and wages were elicited by telephone surveys. In customer or labor markets it isacceptable for a firm to raise prices (or cut wages) when profits arethreatened, and to maintain prices when costs diminish. It is unfair toexploit shifts in...