When Goliath sells to David: explaining price gouging perceptions through power
实验研究揭示，在短缺情境下，交易中感知到的权力差异比牟利动机更能影响人们对价格公平性的判断，并关联零和思维，有助于理解为何某些市场管制虽低效却受欢迎。
Abstract External shocks (e.g., due to a pandemic) may lead to price jumps in the short term. Rather than being read as a signal of increased scarcity, the resulting “price gouging” is often ascribed to sellers’ selfish exploitation of the crisis. In our experimental study, we investigate the drivers of fairness perceptions regarding voluntary transactions in situations of increased scarcity and explore how they pertain to the economic policy debate on price gouging restrictions. Departing from previous research, our results show that perceptions of power, not of the seller as the profiteer (mercantilism), drive fairness perceptions. The more powerful a transaction partner is assumed to be, the less the respective transaction is regarded as fair. In line with the literature, we also find that fairness perceptions are correlated with zero-sum thinking (i.e., a denial of the mutuality of benefits implied by voluntary transactions). Our study helps to better understand why some market regulations appear attractive despite suboptimal outcomes, thus revealing a mixing of the micro and the macro cosmos, against which Hayek warned. By casting a light on the psychological mechanisms behind attitudes toward markets, we aim to improve the assessment of legitimacy issues and contribute to explaining (and overcoming) the moral paradox of modernity.