Anchoring in Economics: A Meta-Analysis of Studies on Willingness-To-Pay and Willingness-To-Accept

•We conducted a meta-analysis of studies examining the effects of numerical anchors on willingness to pay (WTP) and willingness to accept (WTA).•The result pointed to a moderate overall effect, smaller than the effects reported in early studies.•We found that high relevance and compatibility of the anchor, buying tasks and nonlab experiments are associated with higher anchoring effects.