Abstract

This study conducted two experiments to assess consumers' willingness to pay or the expected quality in response to different levels of contradictory contextual information (regarding price and quality) and the presence of anchors in the form of past price paid. First, the results show that the contextual information was decisive in the formation of reference prices that affect the willingness to pay. Second, the anchors did not influence the evaluation of the willingness to pay and the expected quality. And third, it was observed that the coherence of the contextual information (price–quality correlation) performs a moderating role in the relation between reference prices and expected quality. These results suggest that anchors are less important than contextual information in the evaluation process of the willingness to pay and the expected quality, and that therefore neither an adjustment nor a priming mechanism is …