ANCHORING EFFECT: A MYTH OR REALITY?
Abstract
Consumers are often irrational when making their purchase decisions. Anchoring effect is one of the most common cognitive biases resorted to by consumers in irrational behaviours. Although there are many studies supporting anchoring effect in literature, there are studies against it too. This study amis to test the influence of anchoring effect on nine different products through a longtidunal stuy with non-student sampling and large numbers of data sets.
Data were collected from 2041 through a snowball and convenience sampling method between the years of 2016-2019. The results show that there is a significant relationship between number (anchor) determined by the participants and the price they are happy to pay. A one-unit increase in the anchor number results an increase of 34% consumers are willing to pay for a product. The consumers who stated the numbers between 80-100 as anchors were willing to pay %178% more for a product than customers who stated numbers between 0-20 as anchors.
Keywords
References
- References
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Details
Primary Language
English
Subjects
-
Journal Section
Research Article
Authors
Hakan Boz
*
0000-0002-9905-8573
Türkiye
Publication Date
September 4, 2019
Submission Date
May 22, 2019
Acceptance Date
June 30, 2019
Published in Issue
Year 2019 Volume: 15 Number: 1