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The limits of anchoring
Author(s) -
Chapman Gretchen B.,
Johnson Eric J.
Publication year - 1994
Publication title -
journal of behavioral decision making
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.136
H-Index - 76
eISSN - 1099-0771
pISSN - 0894-3257
DOI - 10.1002/bdm.3960070402
Subject(s) - anchoring , preference , psychology , value (mathematics) , econometrics , confirmation bias , statistics , social psychology , cognitive psychology , mathematics
Anchoring and adjustment is a pervasive bias in which decision makers are influenced by random or uninformative numbers or starting points. As a means of understanding this effect, we explore two limits on anchoring. In Experiments 1 and 2, implausibly extreme anchors had a proportionally smaller effect than anchors close to the expected value of the lotteries evaluated. In Experiments 2 and 3, anchoring occurred only if the anchor and preference judgment were expressed on the same scale. Incompatible anchors and response modes resulted in no anchoring bias. A confirmatory search mechanism is proposed to account for these results.