Publication details

How much will you pay to have it repaired? Anchoring effect in willingness to pay for product repair.



Year of publication 2013
Type Article in Proceedings
Conference Marketing manažment, obchod a sociálne aspekry podnikania
MU Faculty or unit

Faculty of Economics and Administration

Field Economy
Keywords anchoring; experiment; willingness to pay; product repair; need for cognition
Description Exposing a person to certain numerical value (an anchor) shortly before they are asked to decide, has been previously shown to influence people’s willingness-to-pay decisions. This paper investigates the anchoring effect on subjects‘ willingness to pay for product repair. To compare three different anchoring strategies, an experiment with 128 participants was conducted. Additionally, this paper investigates the relationship between anchoring and subjects’ Need for Cognition score. The importance of these findings for upcoming research and business practice is discussed.
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