Professors from around the country and overseas presented papers honoring Monroe's work by reporting groundbreaking research on consumer price perception formation and behavioral responses to price. Monroe said the future of price perception lies in a better understanding of how people process numbers and what is in their mind when they consider prices. We need to distinguish whether their knowledge is implicit or explicit, whether they process different numbers differently and how this effects behavior. We are just beginning to scratch the surface and we have to scratch harder and deeper. Hooman Estelami, co-director of Fordham's Pricing Center, agreed with Monroe and said consumer price recall is often a function of the economy.
People are just less concerned with price.
It's a phenomenon we're studying now. All rights reserved.