Study sheds light on the effect of consumers picking their own price ANI | Updated: Feb 28, 2021 22:02 IST Washington [US], February 28 (ANI): A recent study examined the potential benefits for firms and consumers of pick-your-price (PYP) over pay-what-you-want (PWYW) and fixed pricing strategies. The study, forthcoming in the Journal of Marketing, is titled "The Control-Effort Trade-Off in Participative Pricing: How Easing Pricing Decisions Enhances Purchase Outcomes" and is authored by Cindy Wang, Joshua Beck, and Hong Yuan. Over the past few decades, marketers have experimented with pricing strategies that delegate some or all of the price determination to consumers. Their goal is to engage consumers, boost sales, enhance brand loyalty, and contribute to a sellers' overall competitive position.