Economics, work and decisions · 1 min read
The reference price mattered less when a purchase could be real
Across three tests in Poland, the earlier figure tended to shift what people said they would pay. With a possible purchase, the effect was smaller or absent.
The study, in plain language
Before stating what they would pay for consumer goods, participants saw a high or low figure that could serve as a reference. The team compared two kinds of response: hypothetical answers and those that could lead to an actual purchase under an incentive rule.
In all three experiments, the reference figure had a substantial effect mainly on hypothetical valuations. With a possible purchase, the effect did not appear or was much smaller, with a weak exception in the third experiment. What changed was what was at stake in the response.
The key idea
A figure shown in advance mainly shifted hypothetical answers; its influence weakened when a purchase was possible.
Something to think about
When you are asked what you would pay for something, are you imagining a price or deciding about a possible purchase? Do you answer the same way in both cases?
The original study
Anchors on prices of consumer goods only hold when decisions are hypothetical
Source under CC BY 4.0. English adaptation and explanation by PaperFlow, with AI assistance. The text has been reorganized for a general audience; it is not the complete paper and does not imply endorsement by its authors.
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