@article{Hu:8639,
      recid = {8639},
      author = {Hu, Wuyang},
      title = {Bargains or Rip-offs? Reference Price Effects in Conjoint  Stated Demand},
      journal = {Journal of Agricultural and Resource Economics},
      address = {2007-08},
      number = {1835-2016-149214},
      pages = {17},
      year = {2007},
      abstract = {This study incorporates reference point effects into a  stated choice survey of consumer demand for food with  credence attributes. Parametric tests can be applied to the  utility function to examine the existence of reference  price effects. Results are consistent with prospect theory  in that consumers exhibit strong and nonlinear reference  price effects, with cheaper prices receiving less decision  weight than higher prices. The underlying utility function  is concave over lowered prices and convex over increased  prices, with diminishing sensitivity in both domains. The  study, however, did not find experience or consumers'  attitudes to be significant in explaining reference price  effects.},
      url = {http://ageconsearch.umn.edu/record/8639},
      doi = {https://doi.org/10.22004/ag.econ.8639},
}