Proceedings of the 2022 6th International Seminar on Education, Management and Social Sciences (ISEMSS 2022)

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A Literature Review on the Application of Anchoring Effects in Online Auctions

Authors
Yixiao Hao1, Luxin Liu2, Bowen Sheng3, Jianping Yao4, *
1Beijing Royal School, Beijing, 102209, China
2School of Economics, Zhejiang Gongshang University, Hangzhou, 310018, China
3International College, Guangxi University, Nanning, 530004, China
4Cambridge International Exam Center in Shanghai Experimental School, Shanghai, 201210, China
*Corresponding author. Email: 1920040133@pop.zjgsu.edu.cn
Corresponding Author
Jianping Yao
Available Online 29 December 2022.
DOI
10.2991/978-2-494069-31-2_220How to use a DOI?
Keywords
online auctions; anchoring effects; decision-making
Abstract

Online auctions have seen a tremendous transformation as online functions developed over the past decades. This paper aims to explore the background, state quo, and current problems of online auctions through a deep analysis of literature reviews and case studies. Using the examples of Mobile Internet in China and Sotheby’s and Christie’s, we provide insights about online action nowadays and further highlight problems such as incomplete information and low buyer trust. The paper focuses on how to use the anchoring effect to solve the problem of online auctions. We put forward two hypotheses, (1) a Low starting price boosts popularity, and (2) a Reasonable online auction process raises the final transaction price. We discuss the implications of this research with respect to our understanding of the key determinants of consumer behavior and the stakeholders in this increasingly important arena of purchase decisions.

Copyright
© 2022 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 2022 6th International Seminar on Education, Management and Social Sciences (ISEMSS 2022)
Series
Advances in Social Science, Education and Humanities Research
Publication Date
29 December 2022
ISBN
978-2-494069-31-2
ISSN
2352-5398
DOI
10.2991/978-2-494069-31-2_220How to use a DOI?
Copyright
© 2022 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Yixiao Hao
AU  - Luxin Liu
AU  - Bowen Sheng
AU  - Jianping Yao
PY  - 2022
DA  - 2022/12/29
TI  - A Literature Review on the Application of Anchoring Effects in Online Auctions
BT  - Proceedings of the 2022 6th International Seminar on Education, Management and Social Sciences (ISEMSS 2022)
PB  - Atlantis Press
SP  - 1874
EP  - 1881
SN  - 2352-5398
UR  - https://doi.org/10.2991/978-2-494069-31-2_220
DO  - 10.2991/978-2-494069-31-2_220
ID  - Hao2022
ER  -