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The firms in this model set non-binding list prices before competing for buyers by non-cooperatively granting discounts. Each firm has an incentive to set a high list price if, for example, the customers anchor their willingness-to-pay on the list price. However, list price competition occurs if...
Persistent link: https://www.econbiz.de/10012099187
The firms in this model set non-binding list prices before competing for buyers by non-cooperatively granting discounts. Each firm has an incentive to set a high list price if, for example, the customers anchor their willingness-to-pay on the list price. However, list price competition occurs if...
Persistent link: https://www.econbiz.de/10012314193
behavior. Finally, in Study 4, we tested the hypothesis that self-knowledge, despite not eliminating anchoring effects, does … still attenuate anchoring. However, we found no evidence that self-knowledge reduced anchoring: subjects' judgments of their … discuss implications of these findings for research on domain knowledge and anchoring, as well as for research on the …
Persistent link: https://www.econbiz.de/10011145653
assimilated toward the anchor values. This effect was moderated by time limit such that the anchoring effects were larger when the …
Persistent link: https://www.econbiz.de/10008855789
This paper proposes an ESTAR modeling framework to analyze the anchoring of inflation expectations. Anchoring criteria …
Persistent link: https://www.econbiz.de/10010281520
of WTP in the presence of starting point bias; (2) whether or not these biases depend on the distribution of WTP and on … starting point bias is complex and depends on the true distribution of WTP. Bid set dummies tend to soak up misspecifications …We examine starting point bias in CV surveys with dichotomous choice payment questions and follow-ups, and double …
Persistent link: https://www.econbiz.de/10010312398
responses across asset classes around US data announcements. We find that the skewness of the distribution of economic forecasts … is a strong predictor of economic surprises, suggesting that forecasters behave strategically (rational bias) and possess … private information. Our results also show that consensus forecasts of US macroeconomic releases embed anchoring. Under these …
Persistent link: https://www.econbiz.de/10011901258
abilities are on average less biased toward the anchor when task complexity is high. The anchoring bias in our repeated game is … forecasts, are increasingly explained as resulting from the anchoring heuristic. Nonetheless, the classical anchoring … laboratory evidence for anchoring effects. Comprising more than 5,000 individual forecasts by 455 participants, our study shows …
Persistent link: https://www.econbiz.de/10009777356
Persistent link: https://www.econbiz.de/10012427128
Persistent link: https://www.econbiz.de/10012427129