Effect in the Price Estimation

Anchoring effect tends to occur during price estimation under uncertainty. So it is quite natural to ask a further question: may it possibly be influenced by familiarity? Two paradigms-numerical priming and semantic priming-were employed to investigate the anchoring effect that exists in the price estimation and the possible impact that an individual’s consumption experience might exert upon the anchoring effect. A ramdom sample of 54 college students were subjected to a combined experiment which adopts the above-mentioned two paradigms respectively with the anchoring value set at a high and low level and the familiarity degree being restricted to familiar and unfamiliar. The findings show that familiarity exerts a significant impact on the anchoring effect under either of the two paradigms. A difference is observed between numerical priming and semantic priming when the achoring value is set high while no significant difference is found at the low achoring value. Conclusion: experience definitely exerts some influence upon the achoring effect in price estimation.