What is the influence on reference price when the source of price information is anonymous versus social? This article investigates the formation of reference prices given an observed sequence of past prices in a service context. An experimental study suggests that, considering the same price...

Purpose Online consumer reviews have become increasingly important for consumer decision-making. One of the most prominent examples is the hotel industry where consumer reviews on websites, such as Bookings.com, TripAdvisor and Venere.com, play a critical role in consumers’ choice of a hotel....