nominal values

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Nominal Value

nominal values

the face value of an asset, wage, profit etc. expressed in current money prices without any adjustment for changes in the level of prices over time. Compare REAL VALUE.

nominal values

the measurement of an economic aggregate (for example GROSS DOMESTIC PRODUCT) in terms of current prices. Because of price changes from year to year, observations based on current prices can obscure the underlying real trend. Contrast REAL VALUE.

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The first study uses indifference judgments to test whether consumers use the Nominal Value model or the Unit Price model.

STUDY 1: COMPARISON OF THE NOMINAL VALUE AND UNIT PRICE MODELS

Operationalizing the Nominal Value and Unit Price Models

For the Nominal Value model, this can be fit by simply regressing the nominal value of the extra product on the matching discount.

In the Unit Price model, the nominal value of extra product needed to produce the same unit price reduction as a given discount will be:

The Nominal Value models of 19 of the 20 subjects had higher |R.sup.2~'s than their Unit Price models.

The unstandardized regression coefficients for the regressions corresponding to the Nominal Value models tended to be close to 1.0.

Just what is a "dollar's worth"? Consumer reactions to price discounts vs. extra product promotions