Price is Wrong

Sarah Maxwell, PhD, is an expert in fair pricing, with both academic and business experience in this field. She is an Associate Professor at Fordham University and is Co-Director of the Fordham Pricing Center. Dr. Maxwell is also Associate Editor of Pricing for the Journal of Product and Brand Management and has written for a variety of publications, including the Journal of Business Research, Journal of Economic Psychology, and the American Journal of Economics and Sociology. Previously, Dr. Maxwell was a vice president of marketing for Aramark and consulted with divisions in Europe and Japan. She has also consulted and taught in several countries including India, China, and Brazil.

• Foreword ixAcknowledgments xiiiAbout the Author xvPart I: BackgroundChapter 1: Introduction: "Play fair or I quit!" 3Chapter 2: History: "A ‘just' price is not God-given!" 13Part II: ModelChapter 3: Model: "Now I'm not just annoyed, I'm furious!" 23Chapter 4: Norms: "That's wrong, and we all know it!" 31Chapter 5: Emotions: "You're not being fair and I hate you!" 41Chapter 6: Expectations: "That price is a rip-off!" 47Chapter 7: Outcomes: "You should get what you pay for!" 55Chapter 8: Attributions: "The seller is to blame!" 65Chapter 9: Process: "Ya gotta play by the rules!" 73Chapter 10: Punishment: "Revenge is sweet!" 85Chapter 11: Power: "Beware a customer wronged!" 93Chapter 12: Trust: "Fair price? I doubt it!" 101Part III: ApplicationsChapter 13: Modifications: "Sorry! The rules have changed!" 111Chapter 14: Tipping: "Just don't stiff the waiter!" 119Chapter 15: Discrimination: "It's unfair to charge me more than others!" 125Chapter 16: Negotiations: "Split the difference. That's fair!" 133Chapter 17: Taxes: "Paying taxes is as American as disliking taxes" 145Chapter 18: Culture: "But I never ordered any bread!" 155Chapter 19: Practices: "So how is a company supposed to price fairly?" 165Notes 179Glossary 205References 213Index 233

"... will change your views about how pricing decisions are made and whether a price is really fair." (Supply Management, Thursday 22 May 2008)