What influences most on anchoring willingness to pay? Consumer self-confidence and hedonic-utilitarian consumption as underlying factors for price-anchoring susceptibility

Joanna Douat () and Mateus Ponchio ()
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Joanna Douat: ESPM
Mateus Ponchio: ESPM

No 7310340, Proceedings of International Academic Conferences from International Institute of Social and Economic Sciences

Abstract: Prior research on anchoring indicates that arbitrary values can influence human judgment and decision-making. However, the findings differ regarding the magnitude of this effect, implying that in some circumstances the anchoring phenomena may not occur at all. The present research suggests that this behavior is not universal and attempts to identify how consumer self-confidence (CSC), a personal trait, and product category (hedonic vs. utilitarian) may affect consumers? susceptibility to anchoring effect on participants? willingness to pay. Although the moderation relationship could not be proved, it was statistically demonstrated that the kind of consumption (utilitarian/hedonic) accounts for 25% of the variability of consumer?s willingness-to-pay. Overall, this research contributes to the literature on Consumer Behavior, by shedding light on personal traits and product features that can shape anchoring response.

Keywords: Anchoring Effects, Consumer Self-Confidence, Hedonic-utilitarian consumption, Consumer Behavior; Marketing. (search for similar items in EconPapers)
JEL-codes: D12 M31 (search for similar items in EconPapers)
Pages: 23 pages
Date: 2018-11
New Economics Papers: this item is included in nep-cbe, nep-mkt and nep-upt
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Published in Proceedings of the Proceedings of the 43rd International Academic Conference, Lisbon, Nov 2018, pages 17-39

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Persistent link: https://EconPapers.repec.org/RePEc:sek:iacpro:7310340

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