Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/336606 
Year of Publication: 
2025
Series/Report no.: 
Discussion Paper No. 556
Publisher: 
Ludwig-Maximilians-Universität München und Humboldt-Universität zu Berlin, Collaborative Research Center Transregio 190 - Rationality and Competition, München und Berlin
Abstract: 
We conduct an online experiment to assess the effect of the anchoring bias on consumer ratings. We depart from the canonical anchoring literature by implementing non-numerical (visual) anchors in a framed rating task. We compare three anchoring conditions, with either high, low, or socially derived anchors present, against two control conditions - one without anchors and one without framing. Our framing replicates the common observation of overrating. We unveil asymmetric non-numerical anchoring effects that contribute to the explanation of overrating. Both high anchors and socially derived anchors lead to significant overrating compared to the control condition without anchors. The latter finding is driven by instances of high social anchors. The upward rating bias is exacerbated in a social context, where participants exhibit more trust in anchors. In contrast, low anchors and instances of low social anchors have no effect compared to the control condition without anchors. Beyond consumer ratings, our results may have broader implications for online judgment environments, such as surveys, crowdfunding platforms, and other user interfaces that employ visual indicators such as stars, bars, or progress displays.
Subjects: 
Anchoring bias
consumer judgment
economic experiment
online feed-back systems
user interface design
JEL: 
C91
D80
D91
Document Type: 
Working Paper

Files in This Item:
File
Size
1.57 MB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.