The Influence of Quantitative Restriction on the Quantity of Purchases under Anchoring Effect

Research Article
Open access

The Influence of Quantitative Restriction on the Quantity of Purchases under Anchoring Effect

Ruihan Zhang 1*
  • 1 Shenyang No.2 High School    
  • *corresponding author 1712023017@stu.sqxy.edu.cn
Published on 10 November 2023 | https://doi.org/10.54254/2754-1169/38/20231900
AEMPS Vol.38
ISSN (Print): 2754-1177
ISSN (Online): 2754-1169
ISBN (Print): 978-1-83558-097-4
ISBN (Online): 978-1-83558-098-1

Abstract

The aim of this study is to analysis whether purchase quantity limit is an effective anchoring. Anchoring effect is a cognitive bias where individuals rely too heavily on the first piece of information they receive when making decisions. This bias has been extensively studied in the context of pricing decisions, but less attention has been paid to its effect on quantity limitations in purchasing decisions. This study uses a questionnaire to investigate how the anchoring effect affects consumers’ decisions about the quantity of a product they would purchase when faced with quantity limitations. By examining the effect of the anchoring bias on purchasing quantity limitations, the studies shed light on a relatively unexplored area of consumer behavior research. The key findings of the paper suggest that the anchoring effect influences consumers’ decisions about the quantity of a product they would purchase, and that this effect is moderated by the type of product being considered. Overall, the paper provides valuable insights into the role of the anchoring effect in purchasing decisions, and highlights the importance of considering product type when designing quantity limitations. By taking into account the anchoring effect and its moderating factors, businesses can better understand and influence consumers’ purchasing decisions, potentially leading to increased sales and revenue.

Keywords:

anchoring effect, purchase quantity limit, consumption behaviour

Zhang,R. (2023). The Influence of Quantitative Restriction on the Quantity of Purchases under Anchoring Effect. Advances in Economics, Management and Political Sciences,38,141-146.
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References

[1]. Adrian Furnham, A., Boo, H. C.: A literature review of the anchoring effect. The Journal of Socio-Economics, 40(1), 35-42 (2011).

[2]. Matsumoto, A. S., Fernandes, J. L., Ferreira, I., Chagas, P. C.: Behavioral finance: a study of affect heuristic and anchoring in decision making of individual investors. Available at SSRN 2359180, (2013).

[3]. Brewer, N. T., Chapman, G. B.: The fragile basic anchoring effect. Journal of Behavioral Decision Making, 15(1), 65-77 (2002).

[4]. Cervone, D.: Effects of envisioning future activities on self-efficacy judgments and motivation: An availability heuristic interpretation. Cognitive Therapy and Research, 13, 247-261 (1989).

[5]. Book, L. A., Tanford, S., Chen, Y. S.: Understanding the impact of negative and positive traveler reviews: Social influence and price anchoring effects. Journal of Travel Research, 55(8), 993-1007 (2016).

[6]. Strack, F., Mussweiler, T.: Explaining the enigmatic anchoring effect: Mechanisms of selective accessibility. Journal of personality and social psychology, 73(3), 437 (1997).

[7]. Cho, I., Wesslen, R., Karduni, A., Santhanam, S., Shaikh, S., Dou, W.: The anchoring effect in decision-making with visual analytics. In 2017 IEEE Conference on Visual Analytics Science and Technology (VAST), pp. 116-126 (2017).

[8]. Winkelmann, R.: Conspicuous consumption and satisfaction. Journal of economic psychology, 33(1), 183-191 (2012).

[9]. Mason, R.: Conspicuous consumption: A literature review. European journal of Marketing, 18(3), 26-39 (1984).

[10]. Lee, J., Shrum, L. J.: Conspicuous consumption versus charitable behavior in response to social exclusion: A differential needs explanation. Journal of Consumer Research, 39(3), 530-544 (2012).

Cite this article

Zhang,R. (2023). The Influence of Quantitative Restriction on the Quantity of Purchases under Anchoring Effect. Advances in Economics, Management and Political Sciences,38,141-146.

Data availability

The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.

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About volume

Volume title: Proceedings of the 7th International Conference on Economic Management and Green Development

ISBN：978-1-83558-097-4(Print) / 978-1-83558-098-1(Online)
Editor：Canh Thien Dang
Conference website: https://www.icemgd.org/
Conference date: 6 August 2023
Series: Advances in Economics, Management and Political Sciences
Volume number: Vol.38
ISSN：2754-1169(Print) / 2754-1177(Online)

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References

[1]. Adrian Furnham, A., Boo, H. C.: A literature review of the anchoring effect. The Journal of Socio-Economics, 40(1), 35-42 (2011).

[2]. Matsumoto, A. S., Fernandes, J. L., Ferreira, I., Chagas, P. C.: Behavioral finance: a study of affect heuristic and anchoring in decision making of individual investors. Available at SSRN 2359180, (2013).

[3]. Brewer, N. T., Chapman, G. B.: The fragile basic anchoring effect. Journal of Behavioral Decision Making, 15(1), 65-77 (2002).

[4]. Cervone, D.: Effects of envisioning future activities on self-efficacy judgments and motivation: An availability heuristic interpretation. Cognitive Therapy and Research, 13, 247-261 (1989).

[5]. Book, L. A., Tanford, S., Chen, Y. S.: Understanding the impact of negative and positive traveler reviews: Social influence and price anchoring effects. Journal of Travel Research, 55(8), 993-1007 (2016).

[6]. Strack, F., Mussweiler, T.: Explaining the enigmatic anchoring effect: Mechanisms of selective accessibility. Journal of personality and social psychology, 73(3), 437 (1997).

[7]. Cho, I., Wesslen, R., Karduni, A., Santhanam, S., Shaikh, S., Dou, W.: The anchoring effect in decision-making with visual analytics. In 2017 IEEE Conference on Visual Analytics Science and Technology (VAST), pp. 116-126 (2017).

[8]. Winkelmann, R.: Conspicuous consumption and satisfaction. Journal of economic psychology, 33(1), 183-191 (2012).

[9]. Mason, R.: Conspicuous consumption: A literature review. European journal of Marketing, 18(3), 26-39 (1984).

[10]. Lee, J., Shrum, L. J.: Conspicuous consumption versus charitable behavior in response to social exclusion: A differential needs explanation. Journal of Consumer Research, 39(3), 530-544 (2012).

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