Advances in Economics, Management and Political Sciences
- The Open Access Proceedings Series for Conferences
Proceedings of the 2nd International Conference on Financial Technology and Business Analysis
Series Vol. 55 , 01 December 2023
Open
Access | Article
Research on Anchoring Effect
* Author to whom correspondence should be addressed.
Abstract
A psychological phenomena is the anchoring effect. It alludes to the idea of a person’s judgment or choice being influenced by an otherwise unrelated reference point or “anchor.” Once the anchor’s value is determined in numerical anchoring, the person’s following arguments, estimates, etc., may differ from what they would have been without the anchor. Traditional economics holds that people make rational decisions and are not distracted by meaningless numbers. The “anchoring effect” discovered by Daniel-Kahneman-and-Amos-Tversky is a very typical psychological bias, and it is a rejection of the assumption of a “rational person.” The anchoring effect refers to the fact that when people need to evaluate an event, they will use some specific value as an initial reference value, and this initial reference value is like an anchor that restricts the evaluation result.
Keywords
anchoring effect, judgement, influence
References
1. Wang Bin. (2022). Cognitive Biases in Consequentialist Trials. Nankai Journal (Philosophy and Social Science Edition) (05), 77-85.
2. Zhang Yujie. (2022). Research on online product pricing based on multi-factor anchoring effect (Master’s thesis, Henan University). https://kns.cnki.net/KCMS/detail/detail.aspx?dbname=CMFD202301&filename=1022688273. nh
3. Xie Chunya, Zhang Enzhong & Sun Wenwen. (2022). The impact of random instant reduction strategy on purchase intention: the role of anchoring effect and price fairness perception. Foreign Economics and Management (10), 70-86. doi:10.16538/j.cnki. fem.20220115.202.
4. Furnham, A., & Boo, H. C. (2011). A literature review of the anchoring effect. The journal of socio-economics, 40(1), 35-42.
5. Wilson, T. D., Houston, C. E., Etling, K. M., & Brekke, N. (1996). A new look at anchoring effects: basic anchoring and its antecedents. Journal of Experimental Psychology: General, 125(4), 387.
6. Simonson, I., & Drolet, A. (2004). Anchoring effects on consumers’ willingness-to-pay and willingness-to-accept. Journal of consumer research, 31(3), 681-690.
Data Availability
The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License. Authors who publish this series agree to the following terms:
1. Authors retain copyright and grant the series right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this series.
2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the series's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this series.
3. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See Open Access Instruction).
- Volume Title
- Proceedings of the 2nd International Conference on Financial Technology and Business Analysis
- ISBN (Print)
- 978-1-83558-157-5
- ISBN (Online)
- 978-1-83558-158-2
- Published Date
- 01 December 2023
- Series
- Advances in Economics, Management and Political Sciences
- ISSN (Print)
- 2754-1169
- ISSN (Online)
- 2754-1177
- DOI
- 10.54254/2754-1169/55/20230957
- Copyright
- 01 December 2023
- Open Access
- This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited