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@article{8656, author = {Wawrosz, Petr and Blahout, Michal}, article_location = {Prague}, article_number = {3}, keywords = {Anchoring bias; representative bias; classroom experiment; Coca Cola; Pepsi Cola}, language = {eng}, issn = {1801-7118}, journal = {Scientia et Societas}, title = {Anchoring Bias and Representative Bias: Two Classroom Experiments}, url = {https://sets7.webnode.cz/_files/200000307-813b9813bb/Scientia%203_2020%20web.pdf}, volume = {16}, year = {2020} }
TY - JOUR ID - 8656 AU - Wawrosz, Petr - Blahout, Michal PY - 2020 TI - Anchoring Bias and Representative Bias: Two Classroom Experiments JF - Scientia et Societas VL - 16 IS - 3 SP - 77-90 EP - 77-90 PB - Newton College SN - 18017118 KW - Anchoring bias KW - representative bias KW - classroom experiment KW - Coca Cola KW - Pepsi Cola UR - https://sets7.webnode.cz/_files/200000307-813b9813bb/Scientia%203_2020%20web.pdf N2 - Behavioral economics points out that a person does not always act rationally, but its actions are influenced by various prejudices, mistakes, cognitive abbreviations, social patterns of behavior, relationships in social and reference groups, etc. Examples of irrational behavior are also so called biases. Behavioral economics uses laboratory experiments to demonstrate biases, where the participants of the experiment have to fulfill a certain task under predetermined conditions. The article describes the result of two such experiments carried out at the University of Finance and Administration, which concerned anchoring bias and representative bias. The primary goal of the article is to determine whether these biases occur with a simple experiment design. At the same time, the article follows up on other experiments carried out in the past. In the case of anchoring bias, our hypothesis is that a certain anchor (here the last two digits of the university number) affects the values of students’ numerical answers. For representative bias, we assume that students will prefer different drinks in the blind test and in the questionnaire survey, even though they will always have the same choice (in our case always Coca Cola and Pepsi Cola). The conclusions of both experiments are ambiguous. The effect of the anchor was manifested only in some of the students’ answers. In the blind test, most students were able to identify the drink on offer, which affected their preferences. The article thus suggests that the effect of anchoring bias is smaller than expected and doubts the possibility of testing representative bias on a blind test and a questionnaire survey of Coca Cola and Pepsi Cola. ER -
WAWROSZ, Petr a Michal BLAHOUT. Anchoring Bias and Representative Bias: Two Classroom Experiments. \textit{Scientia et Societas}. Prague: Newton College, roč.~16, č.~3, s.~77-90. ISSN~1801-7118. 2020.
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