Anchoring Effects on Consumers’ Willingness‐to‐Pay and Willingness‐to‐Accept

Anchoring Effects on Consumers’ Willingness‐to‐Pay and Willingness‐to‐Accept

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 s...

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Veröffentlicht in:Journal of Consumer Research. - University of Chicago Press. - 31(2004), 3, Seite 681-690
1. Verfasser: Simonson, Itamar (VerfasserIn)
Weitere Verfasser: Drolet, Aimee
Format: Online-Aufsatz
Veröffentlicht: 2004
Zugriff auf das übergeordnete Werk:Journal of Consumer Research
Schlagworte:Behavioral Decision Theory Economic Psychology Judgment and Decision Making Pricing Business Behavioral sciences Philosophy Applied sciences Social sciences Mathematics Itamar
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500 |a * Itamar Simonson is the Sebastian S. Kresge Professor of Marketing at the Graduate School of Business, Stanford University, 350 Memorial Way, Stanford, CA 94305 ( itamarsstanford.edu ). Aimee Drolet is an associate professor at the Anderson Graduate School of Management, University of California, Los Angeles, 110 Westwood Plaza, Gold Hall 406, Los Angeles, CA 90095 ( adrolet@anderson.ucla.edu ). The authors acknowledge the helpful input of the reviewers, associate editor, editor, and Anand Bodapati. In addition, the authors thank Andrew Ainslie, Loraine Lau‐Gesk, Carol Scott, and Sanjay Sood for assistance with data collection. 
520 |a 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. 
540 |a © 2004 by JOURNAL OF CONSUMER RESEARCH, Inc. 
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