IS THE INFLUENCE OF AN ANCHOR IN TRANSPORT SAME FOR EVERY GENERATION?
Case study in deciding on the ticket price
DOI:
https://doi.org/10.46585/pc.2021.2.1716Keywords:
irrational decisions, generation X, generation Y, generation Z, anchor effect, price, plane ticketsAbstract
There are many articles available about cognitive biases that show why people often make irrational decisions. Cognitive biases can come in the form of decoy effects, paradoxes of choice, halo effects, or availability heuristics. This paper deals with the effects anchoring or imprinting effect. People tend to be influenced by random numbers that they see before making their decisions about prices or purchases. The question is if all generations are sensitive in the same way or if there is any difference between generations when it comes to the anchoring effect. This question is answered through research on decision-making in relation to plane ticket prices. Subjects were surveyed by demographics such as their generation. ANOVA was one method used that showed that younger generations were more sensitive to the anchor than the older ones.
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Copyright (c) 2021 Kateřina Pojkarová
This work is licensed under a Creative Commons Attribution 4.0 International License.
Accepted 2021-11-25
Published 2021-12-30
