consumers are ex-ante uncertain about the price realisation, gives - when changing the underlying distribution of expected … disappointed (rejoice) when the realised price is perceived as being worse (better) than the other possible realisation. While the … have a salient market price or no market price outside of the experiment. …

. These results hold even when the final price and size of a customized bundle are the same across differing schemes. We … discuss the potential trade-offs in economic outcomes that result from price framing (e.g., likelihood of sale versus size of …

price expectations. In an incentivised valuation task, participants are endowed with a mug and provide their willingness to … accept (WTA) to sell it. We manipulate the sale price in a separate, exogenous forced sale scenario, which is predicted to … produce a 'comparison effect', moving WTA in the opposite direction to the forced sale price. Consistent with the theory, we …