Anchoring and transaction utility: evidence from on-line auctions
Anna Dodonova and
Applied Economics Letters, 2004, vol. 11, issue 5, pages 307-310
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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