ABSTRACTFair price judgments are one type of reference price used by consumers in evaluating a seller's price. In this study, dual entitlement theory and equity theory were the two conceptual frameworks used to identify factors that may influence consumers fair price perceptions. Data collected from businesses purchasing a service was analyzed to investigate the relative influence of these factors. Knowledge of seller's costs, perceptions of product benefit, and prices of other competing products contributed to consumers' fair price perceptions, whereas prior year's price, perceived cost or sacrifice, and prices paid by other buyers were not influential. The relative importance of these factors in fair price judgments did not change when the pricing environment changed from regulated to deregulated.