Anchoring experiment in a business case

Title

Assignment type
Coursework

Discipline
Psychology

Description
If you wish to do an anchoring experiment for your individual paper, the level of statistical analysis as in the attached slides is not needed. You will need to do the following for the experiment: – Describe business situation – Explain rational of using the anchor in this situation and describe your expectations – Design your experiment: – Control Scenario (just guessing), Low Anchor, and High Anchor. – Experiment Results & Financial Impact of using Anchoring – Calculate the averages between the low anchor and the high anchor – Calculate the averages between male and female in all three conditions – Financial impact – Conclusions (did you achieve your expectations) – Reflection