How and Why Different Forms of Expertise Moderate Anchor Precision in Price Decisions: A Pre-Registered Field Experiment

Publikation: Beiträge in ZeitschriftenZeitschriftenaufsätzeForschungbegutachtet

Authors

Increasing price precision leads to linearly stronger anchoring effects for amateurs, but highly precise anchors can backfire for experts. Previous research focused on experts bargaining about an object within their expertise domain (e.g., real-estate agents negotiated about a house listed at €978,781.63). This leaves unknown whether too much precision backfires for experts because of their (a) general negotiation expertise, (b) domain-specific pricing knowledge, or (c) the combination of general expertise and price-knowledge. Our pre-registered report seeks to replicate the too-much-precision effect and to experimentally separate general negotiation expertise from domain-specific price-knowledge. Seasoned experts (real-estate agents) negotiate about an object either within (house) or outside (motor yacht) their domain of expertise. We measure experts' willingness to pay (WTP), counteroffer, self-ascribed versus other-ascribed competence, and their self-ascribed versus other-ascribed price-knowledge. Based on responses of 400 professional real-estate agents, we replicate the advantageous anchor precision effect and illustrate that too much precision backfires regardless of whether agents negotiate within (house) or outside (yacht) their domain of expertise. Mediation analysis suggests that, consistent with previous research, the impact of precise anchors is due to the competence attributed to the negotiation opponent. Our results offer insights into the psychological mechanisms and theoretical understanding of anchor precision.

OriginalspracheEnglisch
ZeitschriftExperimental Psychology
Jahrgang66
Ausgabenummer2
Seiten (von - bis)165-175
Anzahl der Seiten11
ISSN1618-3169
DOIs
PublikationsstatusErschienen - 03.2019

DOI

Zuletzt angesehen

Publikationen

  1. Development and validation of a stability-indicating RP-HPLC method for the determination of paracetamol with dantrolene or/and cetirizine and pseudoephedrine in two pharmaceutical dosage forms
  2. A framework to enable sustainability-oriented transition activities in HEIs
  3. Expert*inneninterview
  4. Reconstructing the “biopiracy” debate from a justice perspective
  5. On the combined effect of soil fertility and topography on tree growth in subtropical forest ecosystems - a study from SE China
  6. Narrative dialogic reading with wordless picture books
  7. Bank management of the net interest margin
  8. Analysis of ammonia losses after field application of biogas slurries by an empirical model
  9. Consequence evaluations and moral concerns about climate change
  10. Planning for Sea Spaces I: Processes, Practices and Future Perspectives
  11. Broad values as the basis for understanding deliberation about protected area management
  12. Article 66 CISG
  13. Power centres
  14. Mental models and attentional processes in car driving
  15. Technik – Magie – Medium
  16. Investigation of the deformation behavior of Fe-3%Si sheet metal with large grains via crystal plasticity and finite-element modeling
  17. Variational Pragmatics and World Englishes
  18. Success factors in Balanced Scorecard implementations
  19. The disproportionate value of scattered trees
  20. Working hour arrangements and working hours
  21. Understanding Similarities and Differences of Digital Health Platforms
  22. Germany Humboldt University in Berlin: Its Transformation in the Process of German Unification
  23. Comparison of Panel Cointegration Tests
  24. Revegetation in agricultural areas: the development of structural complexity and floristic diversity
  25. Digitale Transformation, quo vadis?
  26. Propagating Maximum Capacities for Recommendation