It’s education, not gender: A research note on the determinants of an anchoring bias in experimental WTA elicitations

Abstract

We study anchoring in an experiment with non-standard participants and find evidence that the influence of the anchor value differs by individual characteristics. Participants with lower levels of education and less labor market experience show a significantly larger anchoring bias in their wage demands for a work task. Gender differences in anchoring are due to gender-specific education and employment patterns –contributing a further channel to a persistent gender pay gap.