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)
"On the Robustness of Anchoring Effects in WTP and WTA Experiments."
American Economic Journal: Microeconomics,
Design of Experiments: Laboratory, Individual
Consumer Economics: Empirical Analysis