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What influences most on anchoring willingness to pay? Consumer self-confidence and hedonic-utilitarian consumption as underlying factors for price-anchoring susceptibility

Author

Listed:
  • Joanna Douat

    (ESPM)

  • Mateus Ponchio

    (ESPM)

Abstract

Prior research on anchoring indicates that arbitrary values can influence human judgment and decision-making. However, the findings differ regarding the magnitude of this effect, implying that in some circumstances the anchoring phenomena may not occur at all. The present research suggests that this behavior is not universal and attempts to identify how consumer self-confidence (CSC), a personal trait, and product category (hedonic vs. utilitarian) may affect consumers? susceptibility to anchoring effect on participants? willingness to pay. Although the moderation relationship could not be proved, it was statistically demonstrated that the kind of consumption (utilitarian/hedonic) accounts for 25% of the variability of consumer?s willingness-to-pay. Overall, this research contributes to the literature on Consumer Behavior, by shedding light on personal traits and product features that can shape anchoring response.

Suggested Citation

  • Joanna Douat & Mateus Ponchio, 2018. "What influences most on anchoring willingness to pay? Consumer self-confidence and hedonic-utilitarian consumption as underlying factors for price-anchoring susceptibility," Proceedings of International Academic Conferences 7310340, International Institute of Social and Economic Sciences.
    • Handle: RePEc:sek:iacpro:7310340
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    File URL: https://iises.net/proceedings/43rd-international-academic-conference-lisbon/table-of-content/detail?cid=73&iid=008&rid=10340
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    More about this item

    Keywords

    Anchoring Effects; Consumer Self-Confidence; Hedonic-utilitarian consumption; Consumer Behavior; Marketing.;
    All these keywords.

    JEL classification:

    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing

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