EXPERIENCE WITH THE PRODUCT DOES NOT AFFECT THE ANCHORING EFFECT, BUT THE RELEVANCE OF THE ANCHOR INCREASES IT

• Authors: Bavoľár Jozef
• Languages of publication: EN

Abstracts

EN

The anchoring effect belongs to one of the most extensively studied cognitive biases in judgment and has been shown to be robust in a variety of domains and conditions. This current study on 100 adolescents in Slovakia (aged 16 – 18, 62% females) investigates the role of the anchor relevance and the familiarity of products on one’s willingness-to-pay. The presence of the anchoring and adjustment heuristic has been confirmed in the Slovak cultural environment. The magnitude of the anchoring effect is not affected by previous experience with the product. However, the effect is higher when the anchors are relevant. By this, the effect was higher when the anchor was the price paid by other people, rather than when it was the result of obviously irrelevant mathematical operations.

Keywords

EN

JUDGMENT; PRICE; ANCHORING; ANCHOR RELEVANCE; PRODUCT FAMILIARITY; SLOVAKIA

• Publisher: Institute of Slovak and World Economics and Institute for Forecasting, Slovak Academy of Sciences
• Journal: Ekonomický časopis (Journal of Economics)
• Year: 2017
• Volume: 65
• Issue: 3
• Pages: 282 – 293

Contributors

author

Bavoľár Jozef

• Pavol Jozef Šafárik University in Košice, Faculty of Arts, Department of Psychology, Šrobárova 2, 040 59 Košice, Slovak Republic