“Price or set of prices the consumer uses to compare and evaluate the price of a proposed good or service.”

References

Le Gall-Ely, M., 2009. Definition, Measurement and Determinants of the Consumer’s Willingness to Pay: a Critical Synthesis and Directions for Further Research. Recherche et Applications en Marketing 24, 91–113. https://hal.archives-ouvertes.fr/file/index/docid/522828/filename/mlegallely_RAM_2009_english_version.pdf