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Not all anchors are created equal

Lookup NU author(s): Professor Daniel ZizzoORCiD

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Abstract

We investigate the effects of a range of different types of anchor on WTP and WTA valuations of familiar consumer products, elicited through individuals’ buying or selling decisions at given prices. We find anchoring effects only when the anchor value is framed as a plausible price for the good for which the individual is a potential buyer or seller. Anchoring effects are stronger for WTA than for WTP. We conclude that anchoring effects can affect market behaviour, but that not all anchors are effective.

Publication metadata

Author(s): Sugden R, Zheng J, Zizzo DJ

Publication type: Article

Publication status: Published

Journal: Journal of Economic Psychology

Year: 2013

Volume: 39

Pages: 21-31

Print publication date: 01/12/2013

Online publication date: 09/07/2013

Acceptance date: 30/06/2013

ISSN (print): 0167-4870

ISSN (electronic): 1872-7719

Publisher: Elsevier

URL: http://dx.doi.org/10.1016/j.joep.2013.06.008

DOI: 10.1016/j.joep.2013.06.008

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