@article{ioannidis_offerman_sloof_2020, 
  title={On the effect of anchoring on valuations when the anchor is transparently uninformative}, 
  DOI={10.1007/s40881-020-00094-1}, 
  abstractNote={<jats:title>Abstract</jats:title>
            <jats:p>We test whether anchoring affects people's elicited valuations for a bottle of wine in individual decision-making and in markets. We anchor subjects by asking them if they are willing to sell a bottle of wine for a transparently uninformative random price. We elicit subjects' Willingness-To-Accept for the bottle before and after the market. Subjects participate in a double auction market either in a small or a large trading group. The variance in subjects' Willingness-To-Accept shrinks within trading groups. Our evidence supports the idea that markets have the potential to diminish anchoring effects. However, the market is not needed: our anchoring manipulation failed in a large sample. In a concise meta-analysis, we identify the circumstances under which anchoring effects of preferences can be expected.
</jats:p>}, 
  publisher={Springer Science and Business Media LLC}, 
  author={Ioannidis, Konstantinos and Offerman, Theo and Sloof, Randolph}, 
  year={2020}, 
  month={Sep}
  }