Abstract

In Behavioral Economics, “arbitrary coherence” is when an arbitrary, randomly chosen number, influences the amount purchasers are willing to pay for a product. Arbitrary coherence is similar to anchoring which marketers sometimes use to help set optimal prices. This paper examines how the arbitrary coherence effect influences individual decision making.

Full Text
Published version (Free)

Talk to us

Join us for a 30 min session where you can share your feedback and ask us any queries you have

Schedule a call