On the Robustness of Anchoring Effects in WTP and WTA Experiments

Drew Fudenberg · David K. Levine · Zacharias Maniadis

90 citations0/0 files storedAmerican Economic Journal Microeconomics

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Decision-Making and Behavioral Economics Economic and Environmental Valuation Experimental Behavioral Economics Studies

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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1974Measuring Utility by a Single-Response Sequential Method (1964)2003"Coherent Arbitrariness": Stable Demand Curves Without Stable Preferences 2011The Willingness to Pay—Willingness to Accept Gap, the “Endowment Effect,” Subject Misconceptions, and Experimental Procedures for Eliciting Valuations: Comment 1999Anchoring, Activation, and the Construction of Values 2004Anchoring Effects on Consumers’ Willingness‐to‐Pay and Willingness‐to‐Accept 1989Bias in Utility Assessments: Further Evidence and Explanations 2009Anchoring and cognitive ability

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2021Top Ten Behavioral Biases in Project Management: An Overview 2016Measuring Time Preferences 2013Not all anchors are created equal 2015FIELD EXPERIMENTS ON THE ANCHORING OF ECONOMIC VALUATIONS 2023Social Reference Points and Risk Taking 2020Anchoring in Economics: A Meta-Analysis of Studies on Willingness-To-Pay and Willingness-To-Accept 2017

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