Economic price theory assumes that consumers’ responses to prices can be characterized by stable demand curves and price elasticities. The author posits that this assumption lacks descriptive validity because the demand curve is rather unstable; subtle changes in framing and contextual cues can...

This chapter traces the development of the pricing research program of Kent Monroe, beginning with his doctoral dissertation and continuing to the present time. Drawing on psychophysics and adaptation-level theory the early research efforts concentrated on validating two important concepts...