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Application of behavioural economics on pricing page.
Oravec, Jakub ; Stříteský, Václav (advisor) ; Lorenc, Václav (referee)
This paper discuses design and optimization of the price lists on the web-sites, using the knowledge acquired from the field of behavioural economics. To support the main goal of this paper, the quantitative experiment was conducted. This experiment was conducted through the web-site, where two different types of prices, set by application of a knowledge from behavioural economics and architecture of a choice were tested. To evaluate the data obtained, the descriptive statistics, hypothesis testing and revenue impact analysis have been used. Applying the data obtained as a result of the experiment, it has been found that different factors can influence the decision-making process and preferences of an individual deciding between different types of services. This testing proved the relation between the price list displayed and the choice of a subject of this experiment. At the same time, it was found that by using the best suitable design architecture of the online price list and by applying knowledge from the behavioural sciences, it is possible to positively influence the sale revenue and conversion of the chosen variant, with relatively low implementation costs, as it is demonstrated on the example of Czech market.
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