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    Chicago: University of Chicago Press | ZBW – Leibniz Information Centre for Economics Kiel, Hamburg
    Publication Date: 2019-10-22
    Description: 9-ending prices, which comprise between 40%–95% of retail prices, are popular because shoppers perceive them as being low. We study whether this belief is justified using scanner price-data with over 98-million observations from a large US grocery-chain. We find that 9-ending prices are higher than non 9-ending prices, by as much as 18%. Two factors explain why shoppers believe, mistakenly, that 9-ending prices are low. First, we find that among sale-prices, 9-ending prices are indeed lower than non 9-ending prices, giving 9-ending prices an aura of being low. Second, at first, 9-ending prices were indeed lower than other prices. Shoppers, therefore, learned to associate 9-endings with low prices. Over time, however, 9-ending prices rose substantially, which shoppers failed to notice, because the continuous use of 9-ending prices for promoting deep price cuts draws shoppers’ attention to them, and helps to maintain-and-preserve the image of 9-ending prices as bargain prices.
    Description: Special Issue on Behavioral Pricing
    Keywords: M30 ; M31 ; L11 ; L16 ; L81 ; D12 ; D22 ; D40 ; D90 ; D91 ; E31 ; ddc:330 ; Behavioral Pricing ; Psychological Prices ; Price Perception ; Image Effect ; 9-Ending Prices ; Price Points ; Regular Prices ; Sale Prices
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:article
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