This study aims to determine the effect of cognitive biases, that is, anchoring effect, illusion of control, and endowment effect, on customer satisfaction.
An experimental design was applied using 524 undergraduate students as participants. A three-way ANOVA was employed for data analysis.
Positive relationships were found between cognitive biases and customer satisfaction. However, no such relationships were found between the interactions of various types of cognitive bias and customer satisfaction, except the interaction between illusion of control and endowment effect.
This study focuses only on three types of cognitive biases; thus, it cannot be generalized to other such systematic patterns.
Marketers can introduce cognitive bias when implementing marketing campaigns to boost customer satisfaction.
This study expands the knowledge boundary by addressing the impact of the interaction between various aspects of cognitive bias that drive customer satisfaction.
