Are we predictably rational or predictably irrational? A study on the “anchoring effect”
DOI:
https://doi.org/10.26439/ddee2023.n003.6052Keywords:
cognitive biases, anchoring effect, consumer, price, behavioral economicsAbstract
The goal of this article is to test the assumption of consumer rationality in the appraisal of a new product. For this purpose, an experiment was conducted in the city of La Paz (Bolivia) involving a sample of 87 consumers who were asked to name the price of a newly introduced product in the market. The “anchoring effect” was measured according to the anchoring index proposed by Kahneman. The findings show that most of appraisals were biased by the influence of the “anchoring effect”, calling the purported consumer rationality into question.
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