engleski

THE ROLE OF ANCHORING EFFECT AND PERSONALITY ON CONSUMERS' BEHAVIOUR

Anchoring is people’s tendency to rely heavily on prior values (or ‘anchors’) when making decisions. The anchoring effect is frequent in financial market decisions including the evaluation of the value of the product we purchase. The main goal of this research is to examine whether anchoring affects the estimate of the price consumers are willing to pay for a product or service. Furthermore, our goal is to examine the associations between personality traits (Extraversion, Agreeableness, Conscientiousness, Neuroticism, and Intellect/Imagination), and the anchoring effect. Participants included diverse groups of students (N = 230, 58% males, M = 22.05, SD = 5.78), and completed a battery of self-report instruments. We described three consumer situations and ask participants to answer questions about the four price categories. To examine whether anchoring affects price estimates, we determined a higher average price of a standard product for one group of participants and for the other group a lower price. The results showed that there is a statistically significant difference among the groups of respondents in terms of the prices they are willing to pay. In addition, the results showed that the anchoring effect was less pronounced in individuals with high conscientiousness, while individuals with high neuroticism and high extraversion were more affected by the anchoring effect

anchoring effect, personality traits, consumers' behaviour

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