A review of the price fairness perception concept

Purpose This research involves a review of the principal aspects of the concept of perceived price fairness in consumer purchasing behaviour. Design/methodology The research reviews the principal aspects of perceived price fairness analysed in the literature. First, it tackles the dimensions of the concept of fairness before examining the dual entitlement principle, from which the idea of reference prices and the term fair price derive. Findings The research establishes research ideas for further research into this important topic, which is not currently the subject of much research. Limitations/implications The principal limitation of the research is that it only focuses on the consumer, without analysing the vendor's point of view in pricing. Additionally, it is limited to considering the effects of perceived unfairness on satisfaction. In future research it will be important to include aspects such as loyalty or confidence in the decision making process. Originality/value The research offers a thorough overview of the concept of perceived price fairness, proposing several future research areas that are better adjusted to the real‐world functioning of this important concept and should lead to improved understanding.