ABSTRACT
Discount rates are often elicited using incentivized or hypothetical multiple price lists. We conduct two multiple price lists according to Coller and Williams (Experimental Economics 2: 107–127, 1999) with varying ranges of larger–later payments. Participants carry out both tasks and are randomly assigned to a task order as well as to a payment or no-payment treatment. Our results indicate that the range of the first completed task anchors discount rate decisions. Participants who begin the task with the lower range of the larger–later payments stated lower discount rates than participants who start with the task containing a wider range. Paying monetary incentives does not influence the detected anchor effect.
Disclosure statement
No potential conflict of interest was reported by the authors.
Notes
1 For demographics, we refer to in the appendix.
2 The daily spending of German farmer households for food, beverages and tobacco from the year 2008 amounting €13.23 (Federal Statistical Office Citation2011) is used.
3 Each task order was carried out by 37 participants in the no-payment treatment and by 36 participants in the payment treatment.
4 Included variables are age, gender, body height, number of children, smoker, regular sport activity and income classes.