Experience with the Product does not Affect the Anchoring Effect, but the Relevance of the Anchor Increases It

In: Ekonomický časopis/Journal of Economics, vol. 65, no. 3

Jozef Bavoľár

Details:

Year, pages: 2017, 282 - 293

Keywords:

judgment, price, anchoring, anchor relevance, product familiarity JEL Classification: D12

Article type: Vedecký / Article

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Efekt ukotvenia patrí k najviac skúmaným kognitívnym omylom v posudzovaní a jeho prítomnosť bola preukázaná v množstve domén a podmienok. Tento výskum na vzorke 100 adolescentov na Slovensku vo veku 18 až 18 rokov (62% žien) skúma vplyv relevantnosti kotvy a známosti produktu na ochotu zaplatiť zaň. Výskyt heuristiky ukotvenia a prispôsobenia bol potvrdený aj v slovenských podmienkach. Veľkosť efektu ukotvenia nie je ovplyvnená predchádzajúcou skúsenosťou s produktom, efekt je však väčší pri relevantných kotvách. Ak bola kotvou cena platená inými ľuďmi, efekt ukotvenia bol väčší, ako keď bol kotvou výsledok zjavne irelevantného matematického príkladu.

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.

How to cite:

ISO 690:

Bavoľár, J. 2017. Experience with the Product does not Affect the Anchoring Effect, but the Relevance of the Anchor Increases It. In Ekonomický časopis/Journal of Economics, vol. 65, no.3, pp. 282-293. 0013-3035.

APA:

Bavoľár, J. (2017). Experience with the Product does not Affect the Anchoring Effect, but the Relevance of the Anchor Increases It. Ekonomický časopis/Journal of Economics, 65(3), 282-293. 0013-3035.