caa a22 4500 475813030 CHVBK 20180406123802.0 cr unu---uuuuu 170329e20001201xx s 000 0 eng 10.1023/A:1007280722313 doi (NATIONALLICENCE)springer-10.1023/A:1007280722313 Anchoring Induced Biases in Consumer Price Negotiations [Elektronische Daten] [Henrik Kristensen, Tommy Gärling] Two studies were conducted with the aim of demonstrating anchoring induced biases in consumer price negotiations. In Study 1, 96 undergraduate students of business administration who were recruited as subjects played the role of buyers of a condominium. All subjects were given the same market information. They were then asked to state whether their reservation price was higher or lower than an arbitrary price example (irrelevant anchor) that for different groups of subjects was either low or high. Finally, subjects indicated their reservation price. As would be predicted if adjustments from the anchor are insufficient, the indicated reservation price was lower when the anchor was low than when it was high. In Study 2, employing 64 undergraduate students of psychology who conducted dyad negotiations about the price of condominiums, the effect of the irrelevant anchor on the initially indicated reservation price was replicated. In addition, an anchoring effect of the seller's initial offer was observed. The results also revealed effects of both irrelevant anchor and initial offer on the purchase price. From a public policy point of view, the results imply that consumers may be strongly influenced by irrelevant anchors provided by sellers. Provision of accurate market price information may however lessen the impact of irrelevant anchors. Kluwer Academic Publishers, 2000 Kristensen Henrik Newmad, Göteborg, Sweden aut Gärling Tommy Department of Psychology, Göteborg University, P.O. Box 500, SE-40530, Göteborg, Sweden aut Journal of Consumer Policy Kluwer Academic Publishers 23/4(2000-12-01), 445-460 0168-7034 23:4<445 2000 23 10603 https://doi.org/10.1023/A:1007280722313 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1023/A:1007280722313 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Kristensen Henrik Newmad, Göteborg, Sweden aut NATIONALLICENCE 700 1- Gärling Tommy Department of Psychology, Göteborg University, P.O. Box 500, SE-40530, Göteborg, Sweden aut NATIONALLICENCE 773 0- Journal of Consumer Policy Kluwer Academic Publishers 23/4(2000-12-01), 445-460 0168-7034 23:4<445 2000 23 10603 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer