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

Language

English

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

References:

RIV identification code

RIV/00216224:14560/15:00086929

Organization unit

Faculty of Economics and Administration

DOI

Keywords in English

Anchoring; experiment; methodology; willingness to pay

Tags

Reviewed
Změněno: 8/3/2016 13:40, Ing. Bc. Michal Ďuriník, Ph.D.

Abstract

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.