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Analysis: The Psychology of Price

  • Hermann Simon
  • Martin Fassnacht
Chapter

Abstract

The psychology of price is supplementary to the perspectives of classical economics and thus contributes to a more comprehensive understanding of the effects of price. Economics and marketing are not solely based on the rational assumptions of homo oeconomicus, which form the basis of classical theory. Price management and its processes should not be seen exclusively from the economic point of view. Perspectives from behavioral sciences should support them as well. This chapter provides an overview of price psychology and illustrates the variety of themes within the new research field “behavioral pricing.”

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Copyright information

© Springer Nature Switzerland AG 2019

Authors and Affiliations

  • Hermann Simon
    • 1
  • Martin Fassnacht
    • 2
  1. 1.Simon-Kucher & Partners Strategy and Marketing ConsultantsBonnGermany
  2. 2.WHU – Otto Beisheim School of Management, Chair of Marketing and CommerceDüsseldorfGermany

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