The limits of anchoring | Zendy

Chapman Gretchen B. | Zendy; Johnson Eric J. | Zendy

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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.

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