Pricing by intuition: Managerial choices with limited information

In making pricing decisions, managers can chose from several pricing strategies. To ensure long-term business success, pricing choices need to balance numerous requirements, from revenue streams to keeping customers happy. The complexity of pricing decisions and time pressures that often accompany them prompt the need for fast, simplified decision algorithms. The present exploratory study examines the ways in which considerations of price fairness and competitive strategy combine in managers' decisions regarding the price level.