FITTING A PSYCHOMETRIC FUNCTION TO PRICE JUDGMENTS: AN ANALYSIS OF CONSUMERS' JUDGMENTS FOR DISCOUNTED PRICES1,2


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Abstract

Summary.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.

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