A field experiment investigated the impact of two external reference points under the seller's control on the final price of an auction. When an item's seller specified a high external reference price (a reserve price), the final bid was greater than when the seller specified a low external...

We examine the cognitive mechanics involved in keeping prices in short-term memory for subsequent recall. Consumers code and store prices verbally, visually, and in terms of the prices' magnitude. The encoding used influences immediate recall performance. The memorability of prices depends on...