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HEC Paris. Research Department Les Cahiers de Recherche - HEC Paris

No 813:
Consumers' immediate memory for prices

Marc VANHUELE (), Gilles LAURENT () and Xavier DREZE

Abstract: In this article, the authors examine the cognitive mechanics involved in keeping prices in short-terme memory for subsequent recall. Consumers code and store prices verbally, visually, and in terms of their magnitude. The encoding used influences immediate recall performance. The memorability of prices depends on their verbal length, usualness and overall magnitude. They find that the performance of consumers recall prices better than what previous digit span studies with simple numbers have suggested.

Keywords: consumer behavior; numerical cognition; price memory; (follow links to similar papers)

JEL-Codes: D10; (follow links to similar papers)

42 pages, January 1, 2005

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