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has been cited by the following article:

• TITLE: Effect of Reference Price in PWYTF Pricing in Tourism Sector

  AUTHORS: Atanu Adhikari

  KEYWORDS: Pay What You Think Fair, Willingness to Buy, Willingness to Pay, Participative Pricing, Reference Price, PWYTF Pricing

  JOURNAL NAME: Theoretical Economics Letters, Vol.9 No.4, March 18, 2019

  ABSTRACT: While conventional pricing strategy involves sellers to decide price of a tourism product, tourism companies carry the risk of capacity underutilization in many occasions when fixed costs are already incurred. Pay What You Think Fair (PWYTF) pricing mechanism motivates tourists to pay a fair price for unutilized capacity, thereby, increasing sales and profit for marketers. This study shows that PWYTF pricing mechanism with a concrete reference price of customer can generate significantly higher revenue and profit for a long period of time. We have conducted three experiments to show that PWYTF pricing strategy is a profitable and sustainable pricing solution for tourism companies to increase revenue during off-season as well as underutilization of hired capacity. This study opens a new avenue in pricing methods used in tourism industry and contributes in significant way both in academic and practice.