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Book part
Publication date: 19 June 2019

Peter Luetchford

This paper documents the case of La Verde, a producer cooperative in Andalusia, Southern Spain, whose members grow and sell organic fruit and vegetables. Fieldwork data…

Abstract

This paper documents the case of La Verde, a producer cooperative in Andalusia, Southern Spain, whose members grow and sell organic fruit and vegetables. Fieldwork data reveal a range of assessments and practices with respect to just price. Historical experiences of working as day laborers, with little access to cash or other resources informs the members’ radical political views on money, prices, and markets. These ideas modulate exchanges at the local level, and in their political networks. However, working their own land and selling a prized product allows them to generate good market returns from private shopkeepers in cities. The paper proposes that for a price to be considered just, criteria for commensuration, or equivalence between a price and the perceived value of an object must adhere, but adjudications about this vary according to the relationship between exchangers. Rather than an objective just price, the paper considers assessments and judgments about the relation between prices and justice to be contextually defined, contested, and negotiated.

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The Politics and Ethics of the Just Price
Type: Book
ISBN: 978-1-78743-573-5

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Abstract

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The Politics and Ethics of the Just Price
Type: Book
ISBN: 978-1-78743-573-5

Book part
Publication date: 19 June 2019

Demet Ş. Dinler

By drawing on ethnographic fieldwork conducted amongst waste-pickers and recycling traders in the waste paper, plastic and scrap metal sectors, and engaging with…

Abstract

By drawing on ethnographic fieldwork conducted amongst waste-pickers and recycling traders in the waste paper, plastic and scrap metal sectors, and engaging with literature from economic anthropology and history, as well as archival sources, this paper documents changing perceptions of just price, morality and fairness in the Turkish recycling market. The paper suggests that multiple markets imply multiple prices, which are contingent and contested. When dealing with price mechanisms largely outside their control, actors tend to associate a fair price with the going market price, rather than factors such as state regulation. Approaches to morality and assessments of fairness become more ambiguous when prices are mediated by actors’ own practices. These range from gift relations to paternalism, envy and deception.

Details

The Politics and Ethics of the Just Price
Type: Book
ISBN: 978-1-78743-573-5

Keywords

Book part
Publication date: 1 July 2004

John L. Peterman

A study of the price discounts granted by Morton Salt Company and other producers of table salt in the U.S. on their sales of table salt to grocery wholesalers and…

Abstract

A study of the price discounts granted by Morton Salt Company and other producers of table salt in the U.S. on their sales of table salt to grocery wholesalers and retailers. The discounts were found to be illegal under the Robinson-Patman Act by the Federal Trade Commission and the Supreme Court. The Commission and the Court believed that the discounts were unjustified price concessions granted to “large” buyers, consistent with the concerns of the Robinson-Patman Act. However, the evidence indicates that the most common discount – the “carload discount” – was received by virtually all buyers, regardless of the buyer’s size; the other discounts – “annual volume” discounts – though received primarily by “large” buyers, were likely cost based. The history of the discounts and likely reasons why they were granted are explored in detail.

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Antitrust Law and Economics
Type: Book
ISBN: 978-0-76231-115-6

Article
Publication date: 1 September 2001

Keith S. Coulter

Although findings have been somewhat inconsistent, there is evidence from both experimental studies and field research that prices set just below the nearest round figure…

1735

Abstract

Although findings have been somewhat inconsistent, there is evidence from both experimental studies and field research that prices set just below the nearest round figure produce higher than expected demand at that level. Among the different explanations that have been proposed for these effects are that consumers round prices down, encode prices from left to right, remember only the “most important” digits of a price, and/or attach certain “images” to nine‐ending prices. Utilizing a unique experimental setting, the author examines dollar vs cents digit recall as well as the choice frequencies associated with zero‐ vs nine‐ending prices to determine the efficacy of the proposed explanations. Within this setting, the author concludes that left‐to‐right digit encoding may be a necessary condition for higher than expected demand.

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Journal of Product & Brand Management, vol. 10 no. 5
Type: Research Article
ISSN: 1061-0421

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Book part
Publication date: 19 June 2019

Giovanni Orlando

Fair trade has made paying producers in poorer countries a “justprice one of its central aims, with the issue constantly in its public communiqués, from the print media…

Abstract

Fair trade has made paying producers in poorer countries a “justprice one of its central aims, with the issue constantly in its public communiqués, from the print media to social networking sites. As most research has looked at fair trade in the South, where small producers and craft makers live, discussions of the fair price have centered on whether the wholesale prices paid to them are alleviating poverty. However, circumscribing the issue of the fair price only to its impact in the South impedes our understanding of how fair trade operates in the North, on which the system relies for its existence. Looking at fair trade from a Northern perspective, this paper sees the fair price as a partial illustration of the social processes that characterize reflexive modernity, particularly the ethical dilemmas that surround the composition of prices. But rather than focusing exclusively on activist discourse, the paper uses practice theory to build a more nuanced picture of the diverse beliefs and behaviors that the fair price is entangled with. Drawing on ethnography with people who consume and sell fair trade in the Italian city of Palermo, the paper shows how understanding what a fair price is appears to be an enigma that conceals different aspects of the fair trade network. Specifically, it reveals that the fair price is not a single but a double entity, comprising the wholesale price paid to producers, where “political” emphasis usually lies, and the fair retail price, an entity discussed far less often.

Details

The Politics and Ethics of the Just Price
Type: Book
ISBN: 978-1-78743-573-5

Keywords

Book part
Publication date: 19 June 2019

Jeff Pratt

This paper explores questions of value and the just price for two groups of farming families in southern Tuscany. As sharecroppers or small-holders they experienced the…

Abstract

This paper explores questions of value and the just price for two groups of farming families in southern Tuscany. As sharecroppers or small-holders they experienced the slow shift from subsistence farming to creating most of their livelihoods by selling the products or their labour. This created a complicated legacy in their views about the relationship between use-value and monetary value since the interaction of different spheres of the economy (what Gudeman calls mutuality and the market) continued to impact significantly on their material well-being and cultural values. This emerges in many contexts, from decisions to continue producing food for home consumption, to abandoning the investments of previous generations. In each case the quantitative questions (what does it cost? what is it worth?) play out alongside qualitative questions about use-values, values which are embedded in issues about the continuation of social and cultural relations. Two main points then emerge from this ethnography. First that in many circumstances local views about the just price cannot be understood by restricting the account to the market sphere. Even the innovative farming households who have moved to the production of high-quality foodstuffs find themselves in a market which eulogizes non-commercial values. Second, views about the just price mostly arise as part of a critique of the powerful forces shaping markets, and often draw on older political traditions concerned with social justice.

Details

The Politics and Ethics of the Just Price
Type: Book
ISBN: 978-1-78743-573-5

Keywords

Article
Publication date: 17 April 2009

Syed H. Akhter

The purpose of this paper is to examine how the perception of price‐value tradeoff is related to overall satisfaction, purchase intention, word‐of‐mouth advertising, and…

6787

Abstract

Purpose

The purpose of this paper is to examine how the perception of price‐value tradeoff is related to overall satisfaction, purchase intention, word‐of‐mouth advertising, and actual repurchase behavior.

Design/methodology/approach

Data on subscribers and single ticket buyers of a major symphony orchestra in the Midwest are used to test the hypotheses.

Findings

The ANOVA results show significant differences across the three levels of price‐value tradeoff in each of the response variables. Additional analyses of cross‐tabulated data show that some of the bivariate relations conform to, as well as depart from, the rational consumer behavior model.

Research limitations/implications

Although the hypotheses are supported, bivariate relations examined in this study can mask or overstate true relations due to the omitted variables bias. Future research can explore reasons for favorable behaviors of consumers whose perception is that the value they receive is overpriced, and also for unfavorable behaviors of consumers whose perception is that the value they received is under‐priced.

Practical implications

The different niches at the edges provide opportunities for marketers to fine‐tune segmentation and marketing mix strategies. The use of standardized strategies for these niches with different perception and behavior linkages will yield suboptimal results.

Originality/value

While previous research has mostly focused on price‐quality linkages, this study extends the body of research by examining the perception of price‐value tradeoff and its relation to overall satisfaction, purchase intention, word‐of‐mouth advertising, and actual repurchase behavior. This adds to our understanding of post consumption behavior, showing how consumers respond to the perception of price‐value tradeoff.

Details

Journal of Product & Brand Management, vol. 18 no. 2
Type: Research Article
ISSN: 1061-0421

Keywords

Article
Publication date: 20 February 2009

Robert M. Schindler

The purpose of this paper is to guide managers' choices of rightmost digits in retail prices by acquiring a better understanding of the psychological mechanisms by which…

1723

Abstract

Purpose

The purpose of this paper is to guide managers' choices of rightmost digits in retail prices by acquiring a better understanding of the psychological mechanisms by which price endings can influence sales.

Design/methodology/approach

The paper observes and compares the price endings used in large matched samples of advertised prices in two countries with considerable cultural differences, the USA and Japan.

Findings

Although the digit 9 predominates among the rightmost digits of advertised prices in the USA the digit 8 predominates in Japan. In contrast to this difference, the US and Japanese prices are similar in that both show greater use of 9 or 8 endings when this choice lowers the price's leftmost digit and when the advertised price is claimed to be a discount price.

Research limitations/implications

Future research should include a wider range of price advertising media and should examine usage patterns of less frequently occurring digits.

Practical implications

Setting a price that falls just below a round number can be helpful in creating a low‐price image. Setting this just‐below price with a 9‐ending would be appropriate in the USA and European countries, but in Japan and other Asian countries, it would be more appropriate to set this just‐below price with an 8‐ending.

Originality/value

These results provide guidance to the retail price setter and illustrate to the basic researcher how universal psychological processes and specific cultural meanings can interact to determine consumer perceptions of marketing stimuli.

Details

International Marketing Review, vol. 26 no. 1
Type: Research Article
ISSN: 0265-1335

Keywords

Article
Publication date: 1 February 1967

ANDRÉ GABOR

If you ask a student of economics what price is, he will answer that it is the factor which equates supply with demand. He is likely to add that, in a competitive market…

Abstract

If you ask a student of economics what price is, he will answer that it is the factor which equates supply with demand. He is likely to add that, in a competitive market, price will tend to settle at a level at which no excess profits are made by the producers and the distributors, while a monopoly will fix prices so that its profits should be at a maximum. It is generally agreed, I think, that whether or not these statements contain an element of truth, they are of no use whatever to the businessman.

Details

Management Decision, vol. 1 no. 2
Type: Research Article
ISSN: 0025-1747

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