Anchoring in willingness-to-pay decisions: An experimental
comparison of two research approaches

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

Article in a journal

Field of Study

50200 5.2 Economics and Business

Country of publisher

Czech Republic

Confidentiality degree

is not subject to a state or trade secret

References:

URL

RIV identification code

RIV/00216224:14560/15:00086929

Organization unit

Faculty of Economics and Administration

DOI

http://dx.doi.org/10.7327/cerei.2015.12.01

Keywords in English

Anchoring; experiment; methodology; willingness to pay

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.

Cite

ĎURINÍK, Michal. Anchoring in willingness-to-pay decisions: An experimental comparison of two research approaches. Ekonomická revue. Vysoká škola báňská-Technická univerzita Ostrava, 2015, vol. 18, No 4, p. 147-152. ISSN 1212-3951. Available from: https://dx.doi.org/10.7327/cerei.2015.12.01.

@article{1338565,
   author = {Ďuriník, Michal},
   article_number = {4},
   doi = {http://dx.doi.org/10.7327/cerei.2015.12.01},
   keywords = {Anchoring; experiment; methodology; willingness to pay},
   language = {eng},
   issn = {1212-3951},
   journal = {Ekonomická revue},
   title = {Anchoring in willingness-to-pay decisions: An experimental comparison of two research approaches},
   url = {http://www.ekf.vsb.cz/export/sites/ekf/cerei/cs/cisla/vol18num4/dokumenty/VOL18NUM04PAP01_1.pdf},
   volume = {18},
   year = {2015}
}

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ID  - 1338565
AU  - Ďuriník, Michal
PY  - 2015
TI  - Anchoring in willingness-to-pay decisions: An experimental comparison of two research approaches
JF  - Ekonomická revue
VL  - 18
IS  - 4
SP  - 147-152
EP  - 147-152
PB  - Vysoká škola báňská-Technická univerzita Ostrava
SN  - 12123951
KW  - Anchoring
KW  - experiment
KW  - methodology
KW  - willingness to pay
UR  - http://www.ekf.vsb.cz/export/sites/ekf/cerei/cs/cisla/vol18num4/dokumenty/VOL18NUM04PAP01_1.pdf
N2  - 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.
ER  -

ĎURINÍK, Michal. Anchoring in willingness-to-pay decisions: An experimental comparison of two research approaches. \textit{Ekonomická revue}. Vysoká škola báňská-Technická univerzita Ostrava, 2015, vol.~18, No~4, p.~147-152. ISSN~1212-3951. Available from: https://dx.doi.org/10.7327/cerei.2015.12.01.

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