Reference prices and consumers' feeling of regret: an investigation of consumers' use of an online price‐bidding method |
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| Authors: | Yi Cai Brenda Cude |
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| Institution: | 1. Family and Consumer Sciences Department, California State University, Northridge, CA, USA;2. Department of Housing and Consumer Economics, University of Georgia, Dawson Hall, Athens, GA, USA |
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| Abstract: | The purpose of the research was to provide a better understanding of the impacts of relevant information on consumers' emotions when bidding their prices through an online Name‐Your‐Own‐Price method. Specifically, based on the tenets of the Decision Justification Theory, the study examined whether participants felt more regret about a negative outcome when reference prices were available. The research hypotheses were tested in two experiments. The results indicated that the availability of reference prices significantly affected participants' feelings of regret about a negative outcome. |
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| Keywords: | Decision Justification Theory emotion Name‐Your‐Own‐Price reference price regret |
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