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NotificationsNotify me of updates to BIASED CONSUMERS’ HYPOTHESES ON PRICE-QUALITY-RELATIONSHIPS: INFLUENCES OF NUMERICAL ANCHORS pp. 197-211
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BIASED CONSUMERS’ HYPOTHESES ON PRICE-QUALITY-RELATIONSHIPS: INFLUENCES OF NUMERICAL ANCHORS pp. 197-211 $100.00
Authors:  Gunter Molz, Bergische Univ. of Wuppertal, Michael Gielnik, Justus-Liebig-Univ. Gieben, and Ekkehard Stephan, Univ. of Cologne, Germany
Abstract:
Product prices are often considered to be an indicator of quality. Low prices suggest
low quality, high prices premium quality. In some situations prices in terms of indexlinked
currency remain constant but the numbers on price label change. This may result
from currency changeovers or rapid inflation processes. In this chapter we reanalyze data
from experiments conducted during the Euro introduction in Germany. All of a sudden
the numbers on price tags were divided by about 2, i.e. premium products might have
been considered as “cheaper” in Euro prices (low numbered) than before in German
Mark prices (high numbered).
In terms of the psychology of judgment such a result can be attributed to an effect
caused by a numerical anchor (on the price tag). We tested if there actually was a
corresponding decline in perceived product quality. Results suggested that the currency
changeover had an impact on perceived quality which might be explained by numerical
anchoring. The impact of the effect was dependent on product category. In case of
products which are selected in less rational and low involvement decision processes
(beer) this effect was stronger than in case of more rational and high involvement
purchases (family car). Besides numerical anchoring, additional explanations for these
results are discussed. 


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BIASED CONSUMERS’ HYPOTHESES ON PRICE-QUALITY-RELATIONSHIPS: INFLUENCES OF NUMERICAL ANCHORS pp. 197-211