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On the Robustness of Anchoring Effects in WTP and WTA Experiments

  • Drew Fudenberg
  • David K. Levine
  • Zacharias Maniadis

We reexamine the effects of the anchoring manipulation of Ariely, Loewenstein, and Prelec (2003) on the evaluation of common market goods and find very weak anchoring effects. We perform the same manipulation on the evaluation of binary lotteries, and find no anchoring effects at all. This suggests limits on the robustness of anchoring effects. (JEL C91, D12, D44)

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Article provided by American Economic Association in its journal American Economic Journal: Microeconomics.

Volume (Year): 4 (2012)
Issue (Month): 2 (May)
Pages: 131-45

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Handle: RePEc:aea:aejmic:v:4:y:2012:i:2:p:131-45
Note: DOI: 10.1257/mic.4.2.131
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  1. Bergman, Oscar & Ellingsen, Tore & Johannesson, Magnus & Svensson, Cicek, 2010. "Anchoring and cognitive ability," Economics Letters, Elsevier, vol. 107(1), pages 66-68, April.
  2. Fabio Tufano, 2010. "Are ‘true’ preferences revealed in repeated markets? An experimental demonstration of context-dependent valuations," Experimental Economics, Springer, vol. 13(1), pages 1-13, March.
  3. Cox, James C. & Grether, David M., 1993. "The Preference Reversal Phenomenon: Response Mode, Markets and Incentives," Working Papers 810, California Institute of Technology, Division of the Humanities and Social Sciences.
  4. David J. Butler & Graham C. Loomes, 2007. "Imprecision as an Account of the Preference Reversal Phenomenon," American Economic Review, American Economic Association, vol. 97(1), pages 277-297, March.
  5. Eric J. Johnson & David A. Schkade, 1989. "Bias in Utility Assessments: Further Evidence and Explanations," Management Science, INFORMS, vol. 35(4), pages 406-424, April.
  6. Grether, David M & Plott, Charles R, 1979. "Economic Theory of Choice and the Preference Reversal Phenomenon," American Economic Review, American Economic Association, vol. 69(4), pages 623-38, September.
  7. Drew Fudenberg & David K Levine & Zacharias Maniadis, 2010. "On the Robustness of Anchoring Effects in WTP and WTA Experiments," Levine's Working Paper Archive 661465000000000312, David K. Levine.
  8. John C. Hershey & Paul J. H. Schoemaker, 1985. "Probability Versus Certainty Equivalence Methods in Utility Measurement: Are they Equivalent?," Management Science, INFORMS, vol. 31(10), pages 1213-1231, October.
  9. Jonathan E. Alevy & Craig E. Landry & John A. List, 2011. "Field Experiments on Anchoring of Economic Valuations," Working Papers 2011-02, University of Alaska Anchorage, Department of Economics.
  10. repec:oup:qjecon:v:118:y:2003:i:1:p:73-105 is not listed on IDEAS
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