Several consumer behavior theories have been offered to explain the pr
eponderance of prices that end in the digit 9. This study attempts to
incorporate these proposed behaviors into the implicit utility functio
n of consumer choice models, resulting in both a more accurate tool fo
r managerial decision making and additional insights into how consumer
s actually behave toward price endings. An attempt is made to compensa
te for both level effects (those effects in which consumers may undere
stimate the value of a price) and image effects (those effects in whic
h consumers may infer meaning from the right-hand digits). The models
are estimated using scanner panel data for two frequently purchased pr
oducts, tuna and yogurt. The results support the importance of account
ing for the digits in consume: choice models, providing evidence for b
oth image effects and level effects.