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

Author

Listed:
  • 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-static 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.

Suggested Citation

  • Men-Andri Benz & Leif Brandes & Egon Franck, 2006. "I know what you did last weekend- or do I? Introducing mental anchoring to the demand for sport," Working Papers 0008, University of Zurich, Center for Research in Sports Administration (CRSA).
    • Handle: RePEc:rsd:wpaper:0008
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    Cited by:

    1. Leonardo S. Fiorelli, 2012. "Failures in the Strategic Development Process: Ontology, Axiology and Intra‐Organizational Behavioral Limits to Social Becoming," Systems Research and Behavioral Science, Wiley Blackwell, vol. 29(3), pages 274-284, May.

    More about this item

    JEL classification:

    • C14 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Semiparametric and Nonparametric Methods: General
    • C24 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Truncated and Censored Models; Switching Regression Models; Threshold Regression Models

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