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I know what you did last weekend- or do I? Introducing mental anchoring to the demand for sport

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  • Men-Andri Benz
  • Leif Brandes
  • Egon Franck

    ()
    (Institute for Strategy and Business Economics, University of Zurich
    Institute for Strategy and Business Economics, University of Zurich
    Institute for Strategy and Business Economics, University of Zurich)

Abstract

Football matches are by no means homogenous goods. Rather, there are big differences in single match quality, which is ex-ante unobservable to consumers. We argue that quality uncertainty leads consumers to search for quality proxies which are observable in advance. Aggregate demand functions are shown to depend merely on prices, ex-ante quality perception and stochastic influence factors. Following the work by Kahneman, Tversky and Slovic, we suggest that consumer behaviour is to some extent driven by mental anchoring. Therefore, the usual approach to rely on absolute measures only, seems doubtful. The main focus of our empirical analysis is to introduce relative quality measures, which are based on different anchor levels. Besides seasonal-dynamic and seasonal-RePEc/iso anchors, this specification allows us to include absolute quality proxies as a special case. Applying median regression on a sample from over 2000 individual matches in the German Bundesliga, we find evidence for mental anchoring in the demand for sport. Our results indicate that consumers tend to compare current values for quality proxies to last season’s indicator values instead of last match’s indicator values.

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Bibliographic Info

Paper provided by University of Zurich, Institute for Strategy and Business Economics (ISU) in its series Working Papers with number 0047.

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Length: 34 pages
Date of creation: 2006
Date of revision:
Publication status: Published in: Journal of Sports Economics 2008, Vol. 9, No. 3, pp. 266-286.
Handle: RePEc:iso:wpaper:0047

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  1. Gärtner, Manfred & Pommerehne, Werner W., 1977. "Der Fußballzuschauer - Ein Homo Oeconomicus?," Discussion Papers, Series 1 102, University of Konstanz, Department of Economics.
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  7. Martin B. Schmidt & David J. Berri, 2001. "Competitive Balance and Attendance: The Case of Major League Baseball," Journal of Sports Economics, , vol. 2(2), pages 145-167, May.
  8. Koenker, Roger W & Bassett, Gilbert, Jr, 1978. "Regression Quantiles," Econometrica, Econometric Society, vol. 46(1), pages 33-50, January.
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