literature review – anchoring

Please use these two studies to write the introduction part of a report:
Ariely at al. 2003
Epley & Gilovich, 2006 (theory part) the Insufficient Adjustment Theory of Anchoring

Aim of the study: to investigate how people assess the value of various commercial items (i.e., items that you might find on sale in shops or via the Internet)

Hypothesis:  Participants who set higher anchors (i.e., those who happen to have larger digits at the end of their phone numbers) will tend to make higher bids than those who set lower anchors (i.e., those who happen to have smaller digits at the end of their phone numbers)