J
2015
Anchoring in willingness-to-pay decisions: An experimental comparison of two research approaches
ĎURINÍK, Michal
Basic information
Original name
Anchoring in willingness-to-pay decisions: An experimental comparison of two research approaches
Authors
ĎURINÍK, Michal (703 Slovakia, guarantor, belonging to the institution)
Edition
Ekonomická revue, Vysoká škola báňská-Technická univerzita Ostrava, 2015, 1212-3951
Other information
Type of outcome
Článek v odborném periodiku
Field of Study
50200 5.2 Economics and Business
Country of publisher
Czech Republic
Confidentiality degree
není předmětem státního či obchodního tajemství
RIV identification code
RIV/00216224:14560/15:00086929
Organization unit
Faculty of Economics and Administration
Keywords in English
Anchoring; experiment; methodology; willingness to pay
V originále
Businesses can increase customers’ willingness to pay by simply displaying multi-digit numbers, utilizing the anchoring effect. This paper compares two methodological approaches to test for the anchoring effect experimentally: a hypothetical one (subjects answering what-if questions) and a real situation (subjects making decisions involving their own real money). Although previous studies have examined anchoring in each of these settings separately, no direct comparison is available to date. In this paper, we conduct an experiment to compare anchoring in a hypothetical and a real-purchase setting. As hypothesized, the anchoring effect is more prevalent in the hypothetical than in the real-purchase condition. This produces some concerns regarding the suitability of the methods used to examine the anchoring effect.
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