An empirical investigation of framing effects in negotiations: A study of single-family home sales

Carl L. Witte, Marko Grünhagen, James W. Gentry

Research output: Contribution to journalArticle

5 Scopus citations

Abstract

This paper integrates Prospect Theory and the concept of framing in a study of consumer negotiated pricing in a real estate context. Building on previously conducted experimental designs, a field survey indicated that home sellers using sales price as a reference point display greater willingness to make concessions than those who use equity as their reference point. Further, the third-party influence of the realtor was shown to alter Prospect Theory predictions so that even equity-based sellers became concessionary.

Original languageEnglish (US)
Pages (from-to)465-484
Number of pages20
JournalPsychology and Marketing
Volume25
Issue number5
DOIs
StatePublished - May 1 2008

ASJC Scopus subject areas

  • Applied Psychology
  • Marketing

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