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Effects of Seller‐Supplied Prices on Buyers’ Product Evaluations: Reference Prices in an Internet Auction Context
Michael A. Kamins, Xavier Drèze and Valerie S. Folkes
Journal of Consumer Research
Vol. 30, No. 4 (March 2004), pp. 622-628
Published by: Oxford University Press
Stable URL: http://www.jstor.org/stable/10.1086/380294
Page Count: 7
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A field experiment investigated the impact of two external reference points under the seller’s control on the final price of an auction. When an item’s seller specified a high external reference price (a reserve price), the final bid was greater than when the seller specified a low external reference price (a minimum bid). When the seller provided both high and low reference prices, the reserve influenced the final bid more. The low reference price led to a lower outcome compared to when the seller did not communicate any reference price. The number of bidders influenced outcomes in the absence of seller‐supplied reference prices.
© 2004 by JOURNAL OF CONSUMER RESEARCH, Inc.