A new look at anchoring effects: Basic anchoring and its antecedents.

Wilson, Timothy D.; Houston, Christopher E.; Etling, Kathryn M.; Brekke, Nancy

doi:10.1037/0096-3445.125.4.387

Cited by 608 publications

(626 citation statements)

References 34 publications

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“…This mechanism operates when people are asked to write down an arbitrary number (Ariely, Loewenstein, and Prelec 2003) or to draw long versus short lines (Oppenheimer et al 2008). Although the anchor itself is not considered a viable response, it may indirectly affect numeric responses through number or magnitude priming (Critcher and Gilovich 2008;Wilson et al 1996;Wong and Kwong 2000). Several aspects of our findings are also not congenial to an interpretation in terms of low-elaboration anchoring.…”

Section: Discussionmentioning

confidence: 54%

How to Make a 29% Increase Look Bigger: The Unit Effect in Option Comparisons

Pandelaere¹,

Briers²,

Lembregts³

2011

Journal of Consumer Research

117

141

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JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@jstor.org. Quantitative information can appear in different units (e.g., 7-year warranty p 84-month warranty). This article demonstrates that attribute differences appear larger on scales with a higher number of units; expressing quality information on such an expanded scale makes consumers switch to a higher-quality option. Testifying to its practical importance, expressing the energy content of snacks in kilojoules rather than kilocalories increases the choice of a healthy snack. The unit effect occurs because consumers focus on the number rather than the type of units in which information is expressed (numerosity effect). Therefore, reminding consumers of alternative units in which information can be expressed eliminates the unit effect. Finally, the unit effect moderates relative thinking: consumers are more sensitive to relative attribute differences when the attribute is expressed on expanded scales. The relation with anchoring and implications for temporal discounting and loyalty programs are discussed. The University of Chicago Press

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Section: Discussionmentioning

confidence: 54%

How to Make a 29% Increase Look Bigger: The Unit Effect in Option Comparisons

Pandelaere¹,

Briers²,

Lembregts³

2011

Journal of Consumer Research

117

141

View full text Add to dashboard Cite

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“…In this case, the anchor was not completely arbitrary (that is, the listing prices were often based on appraised values, and the owners of the house presumably did not choose the listing price randomly). Thus, it was common for people to use the listing price when forming their judgments [13].…”

Section: Primingmentioning

confidence: 99%

“…Leading proponents of this theory consider it an alternate explanation in line with prior research on anchoring, adjusting and selective accessibility. [13] asked participants to view arbitrary ID numbers and estimate the number of physicians in the phone book.…”

Section: Introductionmentioning

confidence: 99%

Knowledge and Anchoring: Verification of Three Circumstances in Which Knowledge Does Not Interfere with Anchoring

Tang¹,

Lin²

2017

JSS

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Many researchers have demonstrated that those people with higher knowledge are less subject to the impact of a given anchor. In real life, however, a situation might be quite complicated and not simply a question of an existing high (or low) anchor. We have designed four tests to demonstrate the relation between knowledge and anchoring. We hold that only in general situations can knowledge interfere with the anchoring effect. Study 1 was used to demonstrate this hypothesis. The research result in turn served as the foundation for our follow-up studies. Based on this foundation, we conducted three experiments to demonstrate that, when faced with a complicated and difficult estimation that must be completed within a short period of time (Study 2), when the source of information possesses a high degree of reliability (Study 3), and when practical experience is lacking (Study 4), the anchoring effect will still exert influences on people with higher knowledge.

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“…a number generated by a wheel of fortune) and where people are not asked to consider the anchor as a possible target value (cf. Wilson, Houston, Etling & Brekke, 1996). Suppose, for example, that students before answering the donation request had just written down the price of a beer, which happens to be €1.50.…”

Section: Caveats and Future Researchmentioning

confidence: 99%

Adding exchange to charity: A reference price explanation

Briers

Pandelaere

Warlop

2007

Journal of Economic Psychology

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Charities often request donations while offering of a near-worthless token, like a key chain, in exchange. Little research has examined whether such 'exchange' requests are met with higher compliance rates than merely asking people to donate. Our studies suggest that in mere donation settings people may have difficulties to estimate a socially acceptable donation amount and therefore prefer opportunities that provide them with an anchor price. The value of a material good in a donation setting can play this anchoring role and signal a reference price. To the extent that the suggested reference price is low enough, exchange requests lead to more compliance than mere donation requests. In addition, our results indicate that, when accompanied by specified amounts, mere donation requests result in even better compliance rates than exchange requests.

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A new look at anchoring effects: Basic anchoring and its antecedents.

Cited by 608 publications

References 34 publications

How to Make a 29% Increase Look Bigger: The Unit Effect in Option Comparisons

How to Make a 29% Increase Look Bigger: The Unit Effect in Option Comparisons

Knowledge and Anchoring: Verification of Three Circumstances in Which Knowledge Does Not Interfere with Anchoring

Adding exchange to charity: A reference price explanation

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