Experiment 1The famous behavioral economist Dan Ariely ran the following study in his class. Heintended to investigate the anchor effect by asking his 53 students for the last two digits oftheir credit card number. At the start of the course they were asked to indicate the price thestudents would be willing to pay for his course. He asked the students a second time justbefore the midterm exam. He
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Experiment 1
The famous behavioral economist Dan Ariely ran the following study in his class. He
intended to investigate the anchor effect by asking his 53 students for the last two digits of
their credit card number. At the start of the course they were asked to indicate the price the
students would be willing to pay for his course. He asked the students a second time just
before the midterm exam. He wanted to see if students were willing to pay more for his
course just before the midterm, in comparison to the start of the semester.
1. IV: Time; the beginning of the class and right before the midterm.
DV: Price, the price the students were willing to pay.
2. Price at the beginning of the course, M = 2154.25, SD = 480.42
Price before the midterm, M = 1693.55, SD = 416.73
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