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Do Incidental Environmental Anchors Bias Consumers’ Price Estimations?

Shanks, DR; Barbieri-Hermitte, P; Vadillo, MA; (2020) Do Incidental Environmental Anchors Bias Consumers’ Price Estimations? Collabra: Psychology , 6 (1) , Article 19. 10.1525/collabra.310. Green open access

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Abstract

It is well-established that decision makers bias their estimates of unknown quantities in the direction of a salient numerical anchor. Some standard anchoring paradigms have been shown to yield pervasive biases, such as Tversky and Kahneman’s (1974) classic 2-step task which includes a comparative question followed by an estimation question. In contrast there is much less evidence for the claim that incidental environmental anchors can produce assimilative effects on judgments, such as the amount people are willing to pay for a meal being greater at a restaurant called Studio 97 compared to one called Studio 17. Three studies are reported in which the basic incidental environmental anchoring method of Critcher and Gilovich (2008) is employed to measure consumer price estimations. No statistically significant evidence of incidental anchoring was obtained. In contrast, robust standard anchoring effects were found. The results suggest that anchoring is limited to situations which require explicit thinking about the anchor.

Type: Article
Title: Do Incidental Environmental Anchors Bias Consumers’ Price Estimations?
Open access status: An open access version is available from UCL Discovery
DOI: 10.1525/collabra.310
Publisher version: https://doi.org/10.1525/collabra.310
Language: English
Additional information: This is an open-access article distributed under the terms of the Creative Commons Attribution 4.0 International License (CC-BY 4.0), which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. See http://creativecommons.org/licenses/by/4.0/.
Keywords: anchoring, bias, judgment, consumer price estimations
UCL classification: UCL
UCL > Provost and Vice Provost Offices > School of Life and Medical Sciences
UCL > Provost and Vice Provost Offices > School of Life and Medical Sciences > Faculty of Brain Sciences
UCL > Provost and Vice Provost Offices > School of Life and Medical Sciences > Faculty of Brain Sciences > Div of Psychology and Lang Sciences
UCL > Provost and Vice Provost Offices > School of Life and Medical Sciences > Faculty of Brain Sciences > Div of Psychology and Lang Sciences > Experimental Psychology
URI: https://discovery.ucl.ac.uk/id/eprint/10112740
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