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Elgar Encyclopedia of Pricing
The Elgar Encyclopedia of Pricing presents a holistic view of cutting-edge topics, practical insights, and global perspectives on pricing. In-depth entries cover everything from behavioral pricing and artificial intelligence to sustainability pricing strategies and dynamic online pricing.
More Information
Critical Acclaim
Contributors
Contents
More Information
The Elgar Encyclopedia of Pricing presents a holistic view of cutting-edge topics, practical insights, and global perspectives on pricing. In-depth entries cover everything from behavioral pricing and artificial intelligence to sustainability pricing strategies and dynamic online pricing.
This Encyclopedia helps the reader optimize pricing operations and develop effective strategies in a business landscape where pricing decisions are pivotal. Authors use strategic, psychological, cultural, financial, technological, ethical and legal perspectives, covering cross-cultural dimensions to aid businesses operating in diverse markets. Crucially, the Encyclopedia highlights how pricing influences consumer behavior, shapes market dynamics, and drives business outcomes.
This comprehensive Encyclopedia is a vital read for scholars in the dynamic fields of pricing, business analytics, marketing, strategic management, behavioral and experimental economics, economic psychology, finance and industrial economics. The Encyclopedia is conceived as an indispensable reference work for all pricing and marketing managers worldwide, both in B2B and in B2C markets.
Key Features:
● Incorporates a wealth of data, methodologies and references
● Examines traditional pricing concepts alongside emerging trends
● 65 distinct entries written by leading academics and pricing experts
● Combines empirical research with real-world case studies to provide unparalleled guidance in navigating the intricate world of pricing strategy and management
This Encyclopedia helps the reader optimize pricing operations and develop effective strategies in a business landscape where pricing decisions are pivotal. Authors use strategic, psychological, cultural, financial, technological, ethical and legal perspectives, covering cross-cultural dimensions to aid businesses operating in diverse markets. Crucially, the Encyclopedia highlights how pricing influences consumer behavior, shapes market dynamics, and drives business outcomes.
This comprehensive Encyclopedia is a vital read for scholars in the dynamic fields of pricing, business analytics, marketing, strategic management, behavioral and experimental economics, economic psychology, finance and industrial economics. The Encyclopedia is conceived as an indispensable reference work for all pricing and marketing managers worldwide, both in B2B and in B2C markets.
Key Features:
● Incorporates a wealth of data, methodologies and references
● Examines traditional pricing concepts alongside emerging trends
● 65 distinct entries written by leading academics and pricing experts
● Combines empirical research with real-world case studies to provide unparalleled guidance in navigating the intricate world of pricing strategy and management
Critical Acclaim
‘The Elgar Encyclopedia of Pricing is unparalleled in its coverage of all the aspects of pricing, from B2B to B2C, from psychological perspectives to economics and operations perspectives. A must-read book for everybody who is interested in pricing.’
– Jan-Benedict Steenkamp, University of North Carolina at Chapel Hill, US
– Jan-Benedict Steenkamp, University of North Carolina at Chapel Hill, US
Contributors
Contributors include: Greg M. Allenby, Fabio Ancarani, Alberto Andolina, Richard P. Bagozzi, Frederik Beuk, Sabine Benoit, Jochen Böringer, David Brown, Davide Burlon, Massimo Cavadini, Paolo Cuzzi, C. Anthony Di Benedetto, Hooman Estelami, Xiaohang (Flora) Feng, Sven Feurer, Thomas Frandsen, Federico Gavioli, Magnus Gustafsson, Milad Haghani, Niklas L. Hallberg, Magnus Hellström, Andreas Hinterhuber, Lala Hu, Markus Husemann-Kopetzky, Kostis Indounas, Paul T.M. Ingenbleek, Björn Ivens, Martin Jarmatz, Kamel Jedidi, Joona Keränen, Owais Khan, Dieter Kiewell, Dong Soo Kim, Joseph Korkames, Christian Kowalkowski, Donald R. Lehmann, Stephan M. Liozu, Hanna Luotola, Aliomar Lino Mattos, Klaus M. Miller, Robert J. Morais, Thomas T. Nagle, José Carlos Tiomatsu Oyadomari, Sungsik Park, Koen Pauwels, Robert Phillips, Evandro Pollono, Rolands Pupkevičs, Jawwad Z. Raja, Vithala R. Rao, Thomas Ritter, Stefan Roth, Anna Salonen, Tobias Schäfers, Robert M. Schindler, Christian Schlereth, Bernd Skiera, Gerard E. Smith, Todd Snelgrove, Navdeep S. Sodhi, Martin Spann, Lucas Stich, Eduard Stoppel, Stefan Stremersch, Rajneesh Suri, Harri Terho, Pekka Töytäri, Wolfgang Ulaga, Marc Vanhuele, Willem J.M.I. Verbeke, Tiziano Vescovi, Tina von Däniken, Achim Walter, Youngdai Won, Lan Xia, Man Xie, Hongjun Ye, Fernando Nascimento Zatta, Eugene F. Zelek, Jr, Christopher Zerres, Thomas Zerres, Shunyuan Zhang, Jintao Zhang, Z. John Zhang
Contents
Contents
List of contributors viii
Foreword xi
1 ‘9’ endings in pricing 1
Robert M. Schindler
2 A social neuromarketing
perspective on price
negotiations: how
biomarkers add to
our understanding of
negotiation dynamics 6
Willem J. M. I. Verbeke,
Richard P. Bagozzi and
Frederik Beuk
3 Artificial intelligence for
online markets: dynamic
pricing and personalized pricing 15
Xiaohang (Flora) Feng and
Shunyuan Zhang
4 Assessing willingness to
pay for pricing decisions 23
Kamel Jedidi and Robert J. Morais
5 Conjoint analysis: case study 32
Martin Jarmatz
6 Conjoint analysis for
measuring willingness to pay 39
Vithala R. Rao
7 Consumer behavior:
cross-cultural dimensions 51
Lala Hu
8 Consumer price knowledge 54
Hooman Estelami and Donald
R. Lehmann
9 Cross-cultural differences
of price perceptions 63
Andreas Hinterhuber
10 Data-driven B2B sales 68
Jochen Böringer and Dieter Kiewell
11 Design thinking in
industrial value-based
solution selling 71
Hanna Luotola, Magnus
Hellström and Magnus Gustafsson
12 Framing price increase as
discount: a new deceptive
pricing practice in the
online marketplace 78
Sungsik Park and Man Xie
13 Freemium 83
Tobias Schaefers
14 Gain-sharing arrangements
in value-based pricing:
economic and behavioral
perspectives 86
Joona Keränen, Anna Salonen
and Harri Terho
15 Hypothetical bias:
overview and implications
for pricing research 93
Milad Haghani
16 Improving pricing
operations with Lean Six
Sigma pricing 98
Navdeep S. Sodhi
17 Innovation in pricing:
Medtronic case study 104
Federico Gavioli, Alberto
Andolina, Paolo Cuzzi and
Fabio Ancarani
18 Insurance pricing: where
prediction meets the business 107
Massimo Cavadini and Davide
Murlon
19 International pricing 114
Fabio Ancarani
20 Legal aspects of pricing in
the European Union 115
Thomas Zerres and Christopher
Zerres
21 Legal aspects of pricing in the US 122
Eugene F. Zelek, Jr.
22 Multi-dimensional
(partitioned) pricing 131
Hooman Estelami and Donald
R. Lehmann
23 Name-your-own-price 137
Martin Spann and Lucas Stich
24 New product pricing 139
C. Anthony Di Benedetto
25 New product pricing in B2B 143
Kostis Indounas
26 Online dynamic pricing 145
Robert Phillips
27 Organizing for effective
and efficient pricing 152
Björn Ivens
28 Outcome-based pricing schemes 161
Stefan Roth and Eduard Stoppel
29 Pay-What-You-Want 164
Martin Spann and Lucas Stich
30 Price elasticity, cross-price
elasticity, and advertising
elasticity: concepts
and summary of prior
meta-analytic insights 166
Joseph Korkames and Stefan
Stremersch
31 Price elasticity: practical insights 174
Joseph Korkames
32 Price fairness 183
Sven Feurer and Tina von Däniken
33 Price memory and price
knowledge 187
Marc Vanhuele
34 Price metrics 189
Christian Schlereth and Bernd Skiera
35 Price mistakes and
unintended value 193
Lan Xia
36 Price optimization 197
Dong Soo Kim and Greg M. Allenby
37 Price promotions: a review
and peek into the future 201
Hongjun Ye, Jintao Zhang,
Youngdai Won and Rajneesh Suri
38 Price strategies and pricing
practices 205
Paul T.M. Ingenbleek
39 Price strategies for sustainability 208
Paul T.M. Ingenbleek
40 Price war: who is it good for? 212
Koen Pauwels
41 Price-response functions
and their estimation 215
Robert Phillips
42 Pricing: an agenda for CEOs 221
Stephan M. Liozu and Andreas
Hinterhuber
43 Pricing and customer
lifetime value 233
Markus Husemann-Kopetzky
44 Pricing approaches for
servitization success 236
Christian Kowalkowski and
Wolfgang Ulaga
45 Pricing capability in B2B 240
Niklas L. Hallberg
46 Pricing in the sharing economy 243
Tobias Schäfers and Sabine Benoit
47 Pricing manager: skills and
responsibilities 249
David Brown
48 Pricing research: state of
the art and future opportunities 252
Aliomar Lino Mattos, José
Carlos Tiomatsu Oyadomari
and Fernando Nascimento Zatta
49 Pricing services and
solutions in B2B markets 264
Jawwad Z. Raja and Thomas
Frandsen
50 Pricing: what every
manager should know 267
Andreas Hinterhuber
51 Psychological aspects of
price-setting 276
Gerald E. Smith
52 Quantity surcharges 282
Hooman Estelami
53 Revenue management 285
Robert Phillips
54 Sales variance analysis and pricing 291
Evandro Pollono and Rolands
Pupkevičs
55 Strategic pricing 301
Thomas T. Nagle
56 The cross-cultural
approach to international markets 303
Tiziano Vescovi
57 Value-based pricing: a framework 305
Andreas Hinterhuber
58 Value creation in
business-to-business relationships 313
Thomas Ritter and Achim Walter
59 Value proposition:
customer centric value innovation 316
Pekka Töytäri
60 Value quantification 322
Andreas Hinterhuber
61 Value quantification: total
profit added 328
Todd Snelgrove
62 Value-based selling:
an inter-organizational
activity integration perspective 334
Pekka Töytäri
63 Willingness to pay for
sustainability in B2B and B2C 340
Owais Khan
64 Willingness to pay
measurement approaches 343
Klaus M. Miller and Z. John Zhang
65 Willingness to pay (WTP) scales 348
Andreas Hinterhuber
List of contributors viii
Foreword xi
1 ‘9’ endings in pricing 1
Robert M. Schindler
2 A social neuromarketing
perspective on price
negotiations: how
biomarkers add to
our understanding of
negotiation dynamics 6
Willem J. M. I. Verbeke,
Richard P. Bagozzi and
Frederik Beuk
3 Artificial intelligence for
online markets: dynamic
pricing and personalized pricing 15
Xiaohang (Flora) Feng and
Shunyuan Zhang
4 Assessing willingness to
pay for pricing decisions 23
Kamel Jedidi and Robert J. Morais
5 Conjoint analysis: case study 32
Martin Jarmatz
6 Conjoint analysis for
measuring willingness to pay 39
Vithala R. Rao
7 Consumer behavior:
cross-cultural dimensions 51
Lala Hu
8 Consumer price knowledge 54
Hooman Estelami and Donald
R. Lehmann
9 Cross-cultural differences
of price perceptions 63
Andreas Hinterhuber
10 Data-driven B2B sales 68
Jochen Böringer and Dieter Kiewell
11 Design thinking in
industrial value-based
solution selling 71
Hanna Luotola, Magnus
Hellström and Magnus Gustafsson
12 Framing price increase as
discount: a new deceptive
pricing practice in the
online marketplace 78
Sungsik Park and Man Xie
13 Freemium 83
Tobias Schaefers
14 Gain-sharing arrangements
in value-based pricing:
economic and behavioral
perspectives 86
Joona Keränen, Anna Salonen
and Harri Terho
15 Hypothetical bias:
overview and implications
for pricing research 93
Milad Haghani
16 Improving pricing
operations with Lean Six
Sigma pricing 98
Navdeep S. Sodhi
17 Innovation in pricing:
Medtronic case study 104
Federico Gavioli, Alberto
Andolina, Paolo Cuzzi and
Fabio Ancarani
18 Insurance pricing: where
prediction meets the business 107
Massimo Cavadini and Davide
Murlon
19 International pricing 114
Fabio Ancarani
20 Legal aspects of pricing in
the European Union 115
Thomas Zerres and Christopher
Zerres
21 Legal aspects of pricing in the US 122
Eugene F. Zelek, Jr.
22 Multi-dimensional
(partitioned) pricing 131
Hooman Estelami and Donald
R. Lehmann
23 Name-your-own-price 137
Martin Spann and Lucas Stich
24 New product pricing 139
C. Anthony Di Benedetto
25 New product pricing in B2B 143
Kostis Indounas
26 Online dynamic pricing 145
Robert Phillips
27 Organizing for effective
and efficient pricing 152
Björn Ivens
28 Outcome-based pricing schemes 161
Stefan Roth and Eduard Stoppel
29 Pay-What-You-Want 164
Martin Spann and Lucas Stich
30 Price elasticity, cross-price
elasticity, and advertising
elasticity: concepts
and summary of prior
meta-analytic insights 166
Joseph Korkames and Stefan
Stremersch
31 Price elasticity: practical insights 174
Joseph Korkames
32 Price fairness 183
Sven Feurer and Tina von Däniken
33 Price memory and price
knowledge 187
Marc Vanhuele
34 Price metrics 189
Christian Schlereth and Bernd Skiera
35 Price mistakes and
unintended value 193
Lan Xia
36 Price optimization 197
Dong Soo Kim and Greg M. Allenby
37 Price promotions: a review
and peek into the future 201
Hongjun Ye, Jintao Zhang,
Youngdai Won and Rajneesh Suri
38 Price strategies and pricing
practices 205
Paul T.M. Ingenbleek
39 Price strategies for sustainability 208
Paul T.M. Ingenbleek
40 Price war: who is it good for? 212
Koen Pauwels
41 Price-response functions
and their estimation 215
Robert Phillips
42 Pricing: an agenda for CEOs 221
Stephan M. Liozu and Andreas
Hinterhuber
43 Pricing and customer
lifetime value 233
Markus Husemann-Kopetzky
44 Pricing approaches for
servitization success 236
Christian Kowalkowski and
Wolfgang Ulaga
45 Pricing capability in B2B 240
Niklas L. Hallberg
46 Pricing in the sharing economy 243
Tobias Schäfers and Sabine Benoit
47 Pricing manager: skills and
responsibilities 249
David Brown
48 Pricing research: state of
the art and future opportunities 252
Aliomar Lino Mattos, José
Carlos Tiomatsu Oyadomari
and Fernando Nascimento Zatta
49 Pricing services and
solutions in B2B markets 264
Jawwad Z. Raja and Thomas
Frandsen
50 Pricing: what every
manager should know 267
Andreas Hinterhuber
51 Psychological aspects of
price-setting 276
Gerald E. Smith
52 Quantity surcharges 282
Hooman Estelami
53 Revenue management 285
Robert Phillips
54 Sales variance analysis and pricing 291
Evandro Pollono and Rolands
Pupkevičs
55 Strategic pricing 301
Thomas T. Nagle
56 The cross-cultural
approach to international markets 303
Tiziano Vescovi
57 Value-based pricing: a framework 305
Andreas Hinterhuber
58 Value creation in
business-to-business relationships 313
Thomas Ritter and Achim Walter
59 Value proposition:
customer centric value innovation 316
Pekka Töytäri
60 Value quantification 322
Andreas Hinterhuber
61 Value quantification: total
profit added 328
Todd Snelgrove
62 Value-based selling:
an inter-organizational
activity integration perspective 334
Pekka Töytäri
63 Willingness to pay for
sustainability in B2B and B2C 340
Owais Khan
64 Willingness to pay
measurement approaches 343
Klaus M. Miller and Z. John Zhang
65 Willingness to pay (WTP) scales 348
Andreas Hinterhuber
