The evidence presented on transaction utility was
the beer on the beach and hockey ticket questionnaires,
and the data on sports pricing. The role of
fairness is obviously quite important in determining
reference prices. A large-scale telephone survey
undertaken by Daniel Kahneman, Jack Knetch and
myself is under way and we hope it will provide
additional evidence on two important issues in this
area. First, what are the determinants of people’s per-
ceptions of fairness? Second, how are market prices
influenced by these perceptions? Evidence on the former
comes directly from the survery research, while
evidence on the latter must come from aggregate economic
data. The latter evidence is much more difficult
to obtain.