The effects of the anchoring heuristic on Brazilian consumer decisions: ananalysis of the choice process
Abstract: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.
Document Type: Research Article
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