The role of cues and beliefs in long-term memory for prices

Krystian Barzykowski, Agnieszka Leśniak, Agnieszka Niedźwieńska

Abstract


Several studies have indicated that people tend to underestimate prices from recent years. Two experiments were conducted to analyze factors that are responsible for the systematic bias. It has been assumed that the tendency results from misremembering the time of the price as well as general beliefs about stable and significant price increases. As expected, the tendency was diminished when participants were provided with temporal cues and did not emerge for the product that was considered to become cheaper. The results accord well with the associative theory of memory for prices (Kemp, 1999), the encoding specificity principle (Tulving & Thompson, 1973), as well as retrieval conceptualizations in which implicit theories of change are stressed (Ross, 1989).


Keywords


prices; memory; temporal cues; theory of change

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Roczniki Psychologiczne/Annals of Psychology

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