Weber's Law

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Weber's Law

In psychology, a concept stating that change in a stimulus is noticeable in proportion to the strength of the original stimulus. Weber's law is used in marketing to increase prices for products. That is, marketers have found a company may change its prices by a certain percentage before customers notice they are higher or lower.
References in periodicals archive ?
The Weber-Fechner law allows to define criteria that characterize the interaction of a man's psychological state and his environment, i.
The leading digit percentages of sales contracts have statistically the same distribution predicted by Benford's Law and implied by the Weber-Fechner Law.
Table 1 Example of Sales Contract Forecast List Sales Contract Expected Sales Leading Digit of Expected Sales Contract 1 $1,249,432 1 Contract 2 $45,814 4 Contract 3 $928 9 Table 2 Weber-Fechner Law of Stimulus and Response Response Stimulus Level Incremental Percent Level Log Response Incremental (1) 0 0 0 2 0.