Publication details

Anchoring effect in willingness-to-pay decisions



Year of publication 2013
Type Article in Proceedings
Conference New Economic Challenges : 4th International PhD Student Conference, Conference Proceedings
MU Faculty or unit

Faculty of Economics and Administration

Field Economy
Keywords Anchoring; experiment; willingness to pay
Description This paper tests for differences in anchoring effect in two experimental conditions: hypothetical (subjects answer what-if questions) and real situation (subjects make decisions involving their own real money). Previous studies have examined anchoring either in real purchase situation, or, more frequently, in hypothetical manner, however direct comparison of these two experimental settings has not been conducted yet. In this study, strong anchoring effect of random number on willingness to pay that is present in hypothetical condition was found to be diminished, yet still present, in real purchase situation. Importance of this finding for research methodology, as well as marketing practice is discussed.
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