Fitting a psychometric function to price judgments: an analysis of consumers' discounted prices.
We examined a psychometric function of price judgment, comparing the mental ruler model, which predicted inverted S-shaped psychometric function, with a power function. Subjects, 102 citizens living in Japan, were asked to rate satisfaction with specified discounted prices. Analysis indicated that predictions of the mental ruler model gave a better fit than those of the power function.
Fan
Lun
L
University of Tsukuba.
Takemura
Kazuhisa
K
D000293:Adolescent; D000328:Adult; D003627:Data Interpretation, Statistical; D003657:Decision Making; D004467:Economics; D005260:Female; D006801:Humans; D007600:Judgment; D016013:Likelihood Functions; D008297:Male; D011340:Problem Solving; D012718:Set, Psychology