Template-Type: ReDIF-Paper 1.0
Author-Name:  Jonathan E. Alevy
Author-Name-First: Jonathan 
Author-Name-Last: Alevy
Author-Email:  afja@uaa.alaska.edu 
Author-Workplace-Name: Department of Economics, University of  Alaska Anchorage 
Author-Name:  Craig E. Landry
Author-Name-First: Craig
Author-Name-Last: Landry
Author-Email:  LANDRYC@ecu.edu
Author-Workplace-Name: Department of Economics, East Carolina University
Author-Name:  John A. List
Author-Name-First: John
Author-Name-Last: List
Author-Email:  jlist@uchicago.edu
Author-Workplace-Name: Department of Economics, University of Chicago
Title:  Field Experiments on Anchoring of Economic Valuations
Abstract: A pillar of behavioral research is the view that preferences are constructed during the value elicitation process, but it is unclear whether, and to what extent, such biases influence real market equilibria.  
This paper examines the “anchoring” phenomenon in the field.  The first experiment produces evidence that inexperienced consumers can be anchored in the value elicitation process, yet there is little evidence that experienced agents are influenced by anchors.  
The second experiment finds that anchors have only transient effects on prices and quantities traded: aggregate market outcomes converge to the intersection of supply and demand after a few market periods.   
Creation-date: 2011
File-URL: http://www.econpapers.uaa.alaska.edu/RePEC/ala/wpaper/ALA201102.pdf
File-Format: Application/pdf
Classification-JEL: C92, M11 
Keywords: field experiment, anchoring, valuation, experience 
Number: 2011-02
Handle: RePEc:ala:wpaper:2011-02