On the Robustness of Anchoring Effects in WTP and WTA Experiments

Fudenberg, Drew; Levine, David K.; Maniadis, Zacharias

doi:10.1257/mic.4.2.131

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American Economic Journal: Microeconomics: Vol. 4 No. 2 (May 2012)

AEJ: Micro Volume. 4, Issue 2 | left

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On the Robustness of Anchoring Effects in WTP and WTA Experiments

Article Citation

Fudenberg, Drew, David K. Levine, and Zacharias Maniadis. 2012. "On the Robustness of Anchoring Effects in WTP and WTA Experiments." American Economic Journal: Microeconomics, 4(2): 131-45.

DOI: 10.1257/mic.4.2.131

Abstract

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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Authors

Fudenberg, Drew (Harvard U)
Levine, David K. (Washington U of St Louis)
Maniadis, Zacharias (Bocconi U)

JEL Classifications

C91: Design of Experiments: Laboratory, Individual
D12: Consumer Economics: Empirical Analysis
D44: Auctions

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