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date: 27 February 2021

Abstract and Keywords

This article demonstrates how human deviations affect pricing management in both areas of consumer pricing and pricing contracts among firms. It is organized as follows. Section 20.2 discusses some important theories regarding human decision making and social preferences, including the well-known ‘prospect theory’. Section 20.3 focuses on consumer pricing and investigates how different behavioural regularities affect a firm's marketing and pricing decisions. Section 20.4 discusses critical behavioural issues that impact the design and performance of pricing contracts among firms. Section 20.5 summarizes the discussion and concludes by suggesting future research that considers behavioural issues in pricing management.

Keywords: pricing strategy, consumer pricing, pricing contracts, decision making, social preferences, prospect theory

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