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The robustness of the anchoring effect in valuation tasks

Magdalena Brzozowicz

2020

( 33 )

DOI: 10.7206/DEC.1733-0092.138

https:/doi.org/10.7206/DEC.1733-0092.138

Abstract

I examined the robustness of the anchoring effect with respect to the method of valuation, type of anchor and the availability of information about the presented product. In four different laboratory experiments, I elicited consumer willingness to pay (WTP) for cosmetic product manipulating anchoring conditions (low vs. high anchor or no anchor vs. high anchor). I observed that only the market anchor (the real price of a similar product) had an impact on WTP. I also found that the strength of the anchoring effect is lower in incentivised
valuation tasks compared to hypothetical anchoring questions (I observed a significant anchoring effect only in experiment with declarative valuations). My findings suggest that the robustness of the anchoring effect is limited.

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Experimental economics: introduction and recent research

Tomasz Kopczewski; Marcin Malawski

2007

( 8 )

https:/doi.org/

Abstract

This paper is an introduction to a relatively new (and little known in Poland) field of economic research – the experimental economics. We briefly sketch its history and main research areas, and describe some of most important findings in laboratory experiments and their significance for the mainstream economics. We also present a sample of the experiments conducted in the experimental economics seminar at Warsaw University.

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Collective and Individual Decisions

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