On the Robustness of Anchoring Effects in WTP and WTA Experiments

* Fudenberg: Harvard University, Department of Economics, Littauer Center 310, 1805 Cambridge Street, Cambridge, MA 02138 (email: [email protected]). Levine: Washington University of St. Louis, Department of Economics, Campus Box 1208 St. Louis MO 63130-4899 (email: [email protected]). Maniadis: Bocconi University, Department of Decision Sciences and Carlo F. Dondena Center, Via Roentgen 1, Milan 20136, Italy (email: [email protected]). We thank Drazen Prelec for many helpful conversations, and for sharing the experimental instructions and data from Ariely, Lowenstein and Prelec (2003). We are also grateful to Tore Ellingsen and Oscar Bergman for sharing their instructions and data with us, and to Kathy Zeiler and for sharing the lottery data from Plott and Zeiler (2005). We would also like to thank Nikolaos Georgantzis, Fabio Tufano, Bill Zame, Charlie Plott and especially Jane Κlobas, for useful comments. NSF grants 0646816 and SES-08-51315 provided financial support.