Literary Review: Article Summaries 1. Adaval, R., & Wyer, R. S. (2011).

Conscious and nonconscious comparisons with price anchors: Effects on willingness to pay for related and unrelated products. Consumers use price anchors to create relative price points at which they feel comfortable making a purchase with the least cognitive dissonance. This article demonstrates the relationship between related and unrelated products and how consumers associate causes attached to a purchase. 2. Cai, G., Chao, X., & Li, J. (2009). Optimal reserve prices in name-your-own-price auctions with bidding and channel options. Study analyzes the niche market of NYOP marketing schemes, specifically the structure of Priceline.com. People that use NYOP websites like Priceline.com are motivated to do so by price and psychological sensitive benefits. The author also postulated that select your own price may be better than NYOP because it requires less cognitive effort. 3. Fay, S. (2009). Competitive reasons for the name-your-own-price channel. Article explains how NYOP can help soften competition. When implementing NYOP, consumers differ in their frictional costs and can differentiate retailers from posted price rivals. 4. Hinz, O., Hann, I., & Spann, M. (2011). Price discrimination in E-commerce? an examination of dynamic pricing in name-your-own price markets. Compares fixed threshold price setting with adaptive threshold price setting. Weighing in on consumer cognition and the unfairness factor of adaptive pricing, the article shows that adaptive price setting is more profitable for companies. 5. Karahan, N. G., & Abbas, A. E. (2012). Measuring consumer impatience and the effects of timing in name-your-own-price channels. Analyzes optimal bidding scheme for NYOP. The paper analyzes the companys profit with changes in threshold price, the number of repeat bids, and the bidder charateristics. 6. Koschate-Fischer, N., Stefan, I. V., & Hoyer, W. D. (2012). Willingness to pay for cause-related marketing: The impact of donation amount and moderating effects. 7. O'Loughlin, H. (2010, Thursday, September 2, 2010). 3 tips for naming your own price: Learn from panera bread and radiohead. 8. Robinson, S. R., Irmak, C., & Jayachandran, S. (2012). Choice of cause in cause-related marketing. Study analyzes cause-related marketing and allowing consumers to choose the cause, rather than the company predetermining the cause. The study also shows this only works when the choice gives consumers a perception of a greater personal role of the cause. Choice may also have a negative role in some conditions. 9. Shapiro, D. (2011). Profitability of the name-your-own-price channel in the case of risk-averse buyers.

Shapiro shows the profitability of NYOP and how it can attract more consumers relatively to posted price products. NYOP with alternative pricing captures consumers that would have otherwise been excluded from participating due to demand constraints. 10. Spann, M., Skiera, B., & Schfers, B. (2004). Measuring individual frictional costs and willlngness-to-pay via name- your-own-price mechanisms. This article examines the frictional costs involved in NYOP and the implications they have in a buyers decision making process. They develop a pricing scheme that estimates a consumers willingness-to-pay along with the limitations they impose. 11. Wilson, J. G., & Zhang, G. (2008). Optimal design of a name-your-own price channel. This article examines the conflict of producer/consumer need to maximize profit the and the conflict that ensues. The article entails an explicit solution to the problem, allowing NYOP to be a win-win solution for both buyer and seller.

References Adaval, R., & Wyer, R. S. (2011). Conscious and nonconscious comparisons with price anchors: Effects on willingness to pay for related and unrelated products. Journal of Marketing Research (JMR), 48(2), 355-365. doi:10.1509/jmkr.48.2.355

Cai, G., Chao, X., & Li, J. (2009). Optimal reserve prices in name-your-own-price auctions with bidding and channel options. Production & Operations Management, 18(6), 653-671. doi:10.1111/j.1937-5956.2009.01045.x

Fay, S. (2009). Competitive reasons for the name-your-own-price channel. Marketing Letters, 20(3), 277-293. doi:10.1007/s11002-009-9070-9

Hinz, O., Hann, I., & Spann, M. (2011). Price discrimination in E-commerce? an examination of dynamic pricing in name-your-own price markets. MIS Quarterly, 35(1), 81-A10.

Karahan, N. G., & Abbas, A. E. (2012). Measuring consumer impatience and the effects of timing in name-your-own-price channels. IEEE Transactions on Engineering Management, 59(2), 226-239. doi:10.1109/TEM.2011.2122336

Koschate-Fischer, N., Stefan, I. V., & Hoyer, W. D. (2012). Willingness to pay for cause-related marketing: The impact of donation amount and moderating effects. Journal of Marketing Research (JMR), 49(6), 910-927. doi:10.1509/jmr.10.0511

O'Loughlin, H. (2010, Thursday, September 2, 2010). 3 tips for naming your own price: Learn from panera bread and radiohead. Message posted to http://blog.roominatemarketing.com/2010/09/3-tips-for-naming-your-own-price-learn.html

Robinson, S. R., Irmak, C., & Jayachandran, S. (2012). Choice of cause in cause-related marketing. Journal of Marketing, 76(4), 126-139. doi:10.1509/jm.09.0589

Shapiro, D. (2011). Profitability of the name-your-own-price channel in the case of risk-averse buyers. Marketing Science, 30(2), 290-304. doi:http://mktsci.journal.informs.org/archive/

Spann, M., Skiera, B., & Schfers, B. (2004). Measuring individual frictional costs and willlngness-to-pay via name- your-own-price mechanisms. Journal of Interactive Marketing (John Wiley & Sons), 18(4), 22-36. doi:10.1002/dir20022

Wilson, J. G., & Zhang, G. (2008). Optimal design of a name-your-own price channel. Journal of Revenue & Pricing Management, 7(3), 281-290. doi:10.1057/rpm.2008.13