"price fairness perception" (Parte V)

Parte I, parte II, parte III e Parte IV.

"Proposition 5: Managerial overemphasis on customer price fairness perception is negatively related to the extent to which firms practice value-based pricing." 

"“[P]erhaps few ideas have wider currency than the mistaken impression that prices are or should be determined by costs of production”. The prevalence of this notion is perhaps surpassed only by the incorrect perception among both customers and suppliers that cost-based prices are fair. Research in psychology suggests that egocentrism leads to biased fairness judgments —a proposition corroborated by marketing research on price fairness.
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As deviations from the norm also have a negative influence on price fairness perception, the predominant focus on cost-based pricing in many industries may better explain the biased per- ception of value-based pricing as unfair.
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Pricing, then, should be based on value rather than costs. Drawing on service-dominant logic ... pricing is a co-creational practice, characterizing it as
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“a negotiation process in which buyers and sellers jointly assess the value in context for the buyer. In this process, prices eventually get influenced by various customer resources, including their ability to trust the seller, anticipate future transactions (‘give now, take later’), argue about price fairness, and resolve conflicts.”
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As pricing is based on both parties' joint evaluation, such practices allow both buyer and seller to capture a fair share of value. Nevertheless, firms seem concerned that customers view practices that emphasize value-based pricing as unfair."

Aversão à ambiguidade (parte IV)

Parte I, parte II e parte III.

"Proposition 4: Managerial ambiguity aversion is negatively (positively) related to the extent to which firms practice value-based (cost-based) pricing."

Quanto mais os gestores têm medo da ambiguidade menos praticam o value-based pricing!

"Ambiguity is “the subjective experience of missing information relevant to a prediction”. People tend to avoid decisions based on ambiguous information.
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Although research has traditionally regarded pricing as simple, it is in practice a difficult process involving vague and uncertain information. As pricing decisions are based on uncertain information concerning risks, managerial ambiguity aversion has practical ramifications for price-setting, aggravated by the need to allocate limited managerial resources (e.g., attention, time, money) to different managerial tasks.
In such circumstances, it is perhaps unsurprising that managers often avoid ambiguity when making decisions and instead rely on simple heuristics.
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Managers often lack precise information about customer perceived value, which is difficult to collect and evaluate. In contrast, cost information (e.g., unit cost) is often readily available and may appear precise and unambiguous. Although information about customer perceived value remains the most useful for profitable pricing, it is imprecise, ambiguous, and hard to quantify. For that reason, more certain information is given more weight in decision-making.
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while cost-based pricing is inherently ambiguity- averse, value-based pricing requires managers to accept some degree of ambiguity or vague information. Consequently, only managers who can tolerate ambiguity will be able to commit to value-based pricing practices. In other words, managers should remember “that it is better to be approximately right than to be precisely wrong”

Para reflexão

"we humans, when thinking about risk, need to develop policies that take into consideration our inherent cognitive limitations.
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Most modern approaches to risk management start by analyzing the objective likelihood and consequences of risks faced by individuals or communities, then design measures that could mitigate these risks—and hope people choose to implement them.
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But since people often don’t adopt these measures, we argue, effective risk management has to proceed in the reverse order, starting with an understanding of why people may not choose to adopt risk-reduction measures and then designing approaches that work with, rather than against, our natural biases."

Trechos retirados de "Why You’re Not Prepared For Disasters (And What To Do About It)"

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Imagem retirada de "20 cognitive biases that screw up your decisions"