| Abstract: |
We conduct an online experiment to assess the effect of the anchoring bias on
consumer ratings. We depart from the canonical anchoring literature by
implementing non-numerical (visual) anchors in a framed rating task. We
compare three anchoring conditions, with either high, low, or socially derived
anchors present, against two control conditions – one without anchors and one
without framing. Our framing replicates the common observation of overrating.
We unveil asymmetric non-numerical anchoring effects that contribute to the
explanation of overrating. Both high anchors and socially derived anchors lead
to significant overrating compared to the control condition without anchors.
The latter finding is driven by instances of high social anchors. The upward
rating bias is exacerbated in a social context, where participants exhibit
more trust in anchors. In contrast, low anchors and instances of low social
anchors have no effect compared to the control condition without anchors.
Beyond consumer ratings, our results may have broader implications for online
judgment environments, such as surveys, crowdfunding platforms, and other user
interfaces that employ visual indicators such as stars, bars, or progress
displays. |