Anchoring and transaction utility: evidence from on-line auctions

Anna Dodonova · Yuri Khoroshilov

60 citations0/0 files storedApplied Economics Letters

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Decision-Making and Behavioral Economics Consumer Market Behavior and Pricing Auction Theory and Applications

Abstract

This article presents empirical evidence that people use anchoring to form their valuation of an object. Using data from the on-line auction Bidz.com, we found that people bid more for an item with a higher posted ‘buy now’ price than for an identical item with the lower posted ‘buy now’ price.

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References

1974Judgment under Uncertainty: Heuristics and Biases 1975Judgment under Uncertainty: Heuristics and Biases 1985Mental Accounting and Consumer Choice 2008Mental Accounting and Consumer Choice 1987Experts, amateurs, and real estate: An anchoring-and-adjustment perspective on property pricing decisions

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2011The Bidder's Curse 2009Auctions with a buy price: The case of reference-dependent preferences 2010Detecting Anchoring in Financial Markets 2015Anchoring in social context 2017Ex-Day Returns of Stock Distributions: An Anchoring Explanation 2011Anchoring and Housing Choice: Results of a Natural Policy Experiment 2017Are groups ‘less behavioral’? The case of anchoring 2015Anchoring effects in an experimental auction – Are farmers anchored?

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