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Persistent link: https://www.econbiz.de/10009406670
Potential customers' willingness to pay (WTP) for a new product can be affected by their observing a posted price and this can be modeled in terms of an anchoring mechanism. A theoretical argument and mathematical proof is developed, showing that if customers use an asymmetric WTP anchoring...
Persistent link: https://www.econbiz.de/10013126658