Anchoring Effects on Consumers' Willingness-to-Pay and Willingness-to-Accept
Bibliographic Data
| ID | 2215855 |
|---|---|
| Authors | Itamar Simonson (0000-0002-0223-2273, Stanford University), Aimee Drolet (0000-0001-9684-6833, University of California, Los Angeles) |
| Year | 2004 |
| Volume | 31 |
| Issue | 3 |
| Pages | 681-690 |
| Publication date | 2004-12-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | Journal of Consumer Research (JOURNAL) |
| Journal identifiers | ISSN: 0093-5301 • E-ISSN: 1537-5277 |
| Publisher | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1086/425103 |
| OpenAlex | W2569512353 |
| Language | EN |
| Citations received | 30 |
We examine the susceptibility of consumers' willingness-to-pay (WTP) and willingness-to-accept (WTA) judgments to influence by arbitrary anchors. The results of four studies suggest that, although circumstantial differences between buying and selling decisions can lead to systematic differences in susceptibility to anchoring effects, the principles governing the impact of anchoring on WTP and WTA judgments are essentially the same. In particular, robust anchoring effects are observed when the anchor relates to the focal source of uncertainty. Further, WTP and WTA judgments are most susceptible to anchoring (and endowment) effects under uncertainty about the desire to trade. The implications of this research for our understanding of anchoring and endowment effects are discussed
Advertising · Anchoring · Business · Contrast (vision) · Economics · Microeconomics · Product (mathematics) · Purchasing · Salient · Value (mathematics) · Willingness to accept · Willingness to pay · Consumer Behavior in Brand Consumption and Identification · Customer Service Quality and Loyalty · Environmental Sustainability in Business · Marketing · Mathematics · Psychology · Social Psychology
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| Unique citing works | 30 |
|---|---|
| Citations per year | 1,5 |
| Citation span | 2006 - 2026 (21) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 30 |