Do emotions matter? Coherent preferences under anchoring and emotional effects

Emotions can affect individualsʹ preferences and economic behavior. In this paper we consider the relationship between emotions and anchoring effects in non-market valuation. The findings show that although anchoring effects are relevant, elicited preferences are coherent, in the sense that they are sensitive to changes in the dimension of the good. Additionally, it is found that the relationship between emotional intensity and the level of anchoring is U-shaped, with anchoring declining as emotional intensity rises until a minimum is reached. Thus, preferences can be substantially less affected by anchoring effects if emotional intensity deviates from extreme values. Finally, it is found that the degree of sensitivity to scope is influenced by the level of emotional load involve in the valuation task.