The Price Is Wrong: Understanding What Makes A Price Seem Fair And The True Cost Of Unfair Pricing

Fair pricing is an issue that affects us all, whether we re consumers or merchants. Throughout her career, Sarah Maxwell has seen how pricing practices across a variety of different areas, from mobile phones and airline tickets to prescription drugs and gasoline impact our everyday lives. Now, with The Price Is Wrong, Maxwell shares her deepest insights on this issue and examines both the psychological and sociological basis of fair pricing.

Sarah Maxwell, PhD, is an expert in fair pricing, with both academic and business experience in this field. She is an Associate Professor at Fordham University and is Co-Director of the Fordham Pricing Center. Dr. Maxwell is also Associate Editor of Pricing for the Journal of Product and Brand Management and has written for a variety of publications, including the Journal of Business Research, Journal of Economic Psychology, and the American Journal of Economics and Sociology. Previously, Dr. Maxwell was a vice president of marketing for Aramark and consulted with divisions in Europe and Japan. She has also consulted and taught in several countries including India, China, and Brazil.

Foreword.

Acknowledgements.

About the Author.

Part One. Background.

Chapter 1. Introduction: "Play fair or I quit!"

Chapter 2. History: "A 'just' price is not God-given!"

Part Two. Model.

Chapter 3. Model: "Now I'm not just annoyed, I'm furious!"

Chapter 4. Norms: "That's wrong, and we all know it!"

Chapter 5. Emotions: "You're not being fair and I hate you!"

Chapter 6. Expectations: "That price is a rip off!"

Chapter 7. Outcomes: "You should get what you pay for!"

Chapter 8. Attributions: "The seller is to blame!"

Chapter 9. Process: "Ya gotta play by the rules!"

Chapter 10. Punishment: "Revenge is sweet!"

Chapter 11. Power: "Beware a customer wronged!"

Chapter 12. Trust: "Fair price? I doubt it!"

Part Three. Applications.

Chapter 13. Modifications: "Sorry. The rules have changed!"

Chapter 14. Tipping: "Just don't stiff the waiter!"

Chapter 15. Discrimination: "It's unfair to charge me more than others!"

Chapter 16. Negotiations: "Split the difference. That's fair!"

Chapter 17. Taxes: "Paying taxes is as American as disliking taxes!"

Chapter 18. Culture: "But I never ordered any bread!"

Chapter 19. Strategy: "So how can a company price fairly?"

Appendix A. The Price is Unfair! A Conceptual Framework of Price Fairness Perceptions.

Appendix B. Price Fairness.

Notes.

References.