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The effects of the anchoring heuristic on Brazilian consumer decisions: ananalysis of the choice process

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The objective of this paper is to analyze how individuals process and evaluate information in order to make choices. The dynamics of the decision-making process give rise to the use of true or false references, which have been given the suggestive name of anchors. Using a method proposed by Jacowitz and Kahneman, this paper analyzes how an arbitrary number presented to an individual is able to alter judgment on the price of a given product or service. The results indicate that complex mental processes condition the evaluation of perfectly defined entities, such as the type of goods or a commonly used service.

Keywords: anchoring effects; consumer behavior; decision making; heuristics

Document Type: Research Article

DOI: http://dx.doi.org/10.1080/09593969.2010.520504

Affiliations: Department of Business Administration of the School of Economics, Administration and Accounting of the Sao Paulo University - FEA/USP, Sao Paulo, Brazil

Publication date: December 1, 2010

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