“In a series of 10 experiments, the authors presented 1,100 college students with various pricing scenarios. For example, respondents were asked to consider the past price of a polo shirt and to judge if the current higher price was fair. They also considered the price of a pint of ice cream at a grocery store and one at a convenience store. In other experiments, participants made judgments and assessed price fairness about clothing at a department store and a discount store. They were invited to guess at probable prices, cost of goods sold, other costs, and profits.” (May require membership to read.)

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