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Abstract
There is growing public concern about the 'unfairness' of many pricing practices that have become common in consumer, particularly digital, markets. Industrial and behavioural economists have developed theories that explain the conditions under which these practices are profitable for firms, and their implications for consumer welfare. We identify a mismatch between the welfare economic principles used in this theoretical work and the normative perspective in which these practices are viewed as unfair. We develop a concept of 'transactional fairness', grounded in the normative approach of Sugden's Community of Advantage, that is reflective of public concerns. Transactional fairness is complementary to established criteria of economic efficiency and distributional equity but is based entirely on the relationship between individual buyers and sellers. It establishes clear principles with realistic information requirements that are appropriate for compliance by firms. Regulation based on this approach can help to restore public faith in markets.

AbstractPrevious research illustrates several attempts that consumers have made to create new markets when marketing organizations have not responded to their desires; however, individual efforts alone are insufficient to assure success in having voices heard. The effectiveness of these efforts heavily depends on the democratization of institutions. Discussions regarding the "democratization of fashion" have had some historical appeal in academia and popular media. However, an incomplete appraisal of democracy may have led to premature conclusions regarding fashion's democratization. Affirming that democracy requires acceptance of differences and empowerment of different groups as a principle, this study conceptually and critically examines the history of the outcomes of fashion consumers' attempts to have their voices heard and assesses the degree of democratization of the fashion market. Our research contributes to prior debates regarding the democratization of fashion by reviewing the pivotal chronological events in fashion history. Contrary to some previous views, it shows that diffusion of fashion to larger consumer segments across history does not automatically imply democratization of fashion, which has been greatly limited despite the potentials presented by the advents of sustainable fashion and digitalization in contemporary times. We conclude that the cycle of fashion becoming a principle of economic interest is largely the culprit for retarding democratization, and we offer reflections for key stakeholders in order to have a more democratic, sustainable, and inclusive fashion system.