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Feb. 16, 2016

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​Do Consumers Consider Relative or Absolute Prices? Behavioral economics suggests that we are often frugal in the wrong way. Research by Prof. Ofer Azar in the New York Times is quoted by Harvard University professor of economics Sendhil Mullainathan: The Rich Can Learn From the Poor About How to Be Frugal. 

The research referred to by Prof. Azar:

Do Consumers Make Too Much Effort to Save on Cheap Items and Too Little to Save on Expensive Items? Experimental Results and Implications for Business Strategy

Do people think about absolute or relative price differences when choosing between substitute goods?

 

 

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