Decision anchors: a study on pricing of original products and replicas

Abstract

The theme of this study is the influence of cognitive bias on consumer decision-making processes. The overall objective was to identify the existence of statistically significant differences in pricing of similar products, but different brands, when anchors were present. To this end, a quantitative methodological structure was used and a field study was conducted via on-line surveys. 111 respondents completed the questionnaire. All respondents live in the state of Minas Gerais, which is the second most populous in Brazil. Univariate statistics was used as a method of analysis and the mean differences were calculated using paired T-Test groups. In a data analysis environment, statistically significant differences between the mean amplitudes were observed. Among the key findings was a considerable influence of aspects related to the brand on the cognitive processes that assign perceived value to certain products as well as the presence of anchoring bias and adjustments in the consumer decision making