Canon - Price Psychology

definition

Price psychology is a clearly defined technical term in the context of sensory analysis, decision-making systems, or the wine market.

System model

Price psychology is described as an independent quantity within a consistent frame of reference, whose internal criteria are defined independently of recommendation, application, or evaluation.

Demarcation

  • Price psychology ≠ a related, but not identical, concept
  • Conceptual definition ≠ subjective preference