ecn501 managerial economics

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Psychological Pricing

Behavior economics is a relatively new concept that was developed by Daniel Kahneman and Amos Tversky and is known as the prospect theory. The prospect theory posits that consumers are inspired by the comparison of prices to the reference price rather than the actual price. Please discuss why managing price expectations is as important as managing price. Give three examples of local restaurants using prospect theory. Include a minimum of one reference And minimum of 350 words.

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