“…In particular, this research contributes to existing price order effect research (Bennett et al., 2003; Bitta & Monroe, 1974; Brennan, 1995; Cai & Xu, 2008; DeMoranville et al., 2015; Garbarino & Slonim, 1995; Monroe, 1990; Slonim & Garbarino, 1999; Smith & Nagle, 1995; Suk et al., 2012) by identifying specific dispositional and situational moderators for the effect, and providing additional evidence for the underlying process for the effect involving loss aversion. In addition, we also contribute to recent consumer research on moderators of loss aversion (Gal & Rucker, 2018; Higgins & Liberman, 2018; Mrkva et al., 2020), and that related to important consumer decision making‐related factors such as regulatory focus (Ahmad & Guzmán, 2021; Das et al., 2020; Higgins et al., 2020), sense of power (Lee, 2018; Tassiello et al., 2021), self vs. other focus (Liu et al., 2019; Lu & Xie, 2019) and construal mindset (Kim et al., 2021; Sinha & Lu, 2019; Sordi et al., 2018). Our research also has important managerial implications.…”