In this chapter we review two distinct streams of literature, the numerical cognition literature and the judgment and decision making literature, to understand the psychological mechanisms that underlie consumers' responses to prices. The judgment and decision making literature identifies three...

Different framing of the same duration (1 year, 12 months, 365 days) can influence consumers’ impressions of subjective duration, and thus affect their judgments and decisions. The authors propose that ironically, self-relevance amplifies this duration framing effect. Consumers for whom a...