Effects of situation familiarity and financial incentives on use of the anchoring and adjustment heuristic for probability assessment

  title={Effects of situation familiarity and financial incentives on use of the anchoring and adjustment heuristic for probability assessment},
  author={William F. Wright and Urton Anderson},
  journal={Organizational Behavior and Human Decision Processes},

The Effect of Multiple Anchors on Anchoring in Individual and Group Judgment

Abstract This article examines whether the availability of multiple anchors reduces anchoring induced bias in individual and group judgment. Based on earlier research, it was unclear whether multiple

Motivated Use of Numerical Anchors for Judgments Relevant to the Self

Together, these studies suggest that anchoring has an important boundary condition: Personally threatening anchors are ignored as a result of motivated reasoning processes.

Anchoring, Activation, and the Construction of Values.

  • ChapmanJohnson
  • Psychology
    Organizational behavior and human decision processes
  • 1999
This work suggests that anchors affect judgments by increasing the availability and construction of features that the anchor and target hold in common and reducing the availability of features of the target that differ from the anchor.

When effortful thinking influences judgmental anchoring: differential effects of forewarning and incentives on self‐generated and externally provided anchors

Two experiments examined the impact of financial incentives and forewarnings on judgmental anchoring effects, or the tendency for judgments of uncertain qualities to be biased in the direction

Putting Adjustment Back in the Anchoring and Adjustment Heuristic: Differential Processing of Self-Generated and Experimenter-Provided Anchors

Evidence is presented that insufficient adjustment produces anchoring effects when the anchors are self-generated, and it is suggested it is time to reintroduce anchoring and adjustment as an explanation for some judgments under uncertainty.

The Anchoring-and-Adjustment Heuristic

The results of two sets of experiments indicate that adjustments from self-generated anchor values tend to be insufficient because they terminate once a plausible value is reached unless one is able and willing to search for a more accurate estimate.

An Experimental Study on Social Anchoring

The anchoring-and-adjustment heuristic has been studied in numerous experimental settings and is increasingly drawn upon to explain systematically biased decisions in economic areas as diverse as

The malleability of anchoring effects.

Using a procedural priming task, judges were induced to focus on similarities versus differences during a series of anchoring tasks and the results demonstrate that the magnitude of the obtained effect critically depended on this manipulation.

The Effects on Anchoring of Increasing Quantities of Disconfirming Evidence

Anchoring has been shown to influence judgements in a wide variety of contexts, often in a dysfunctional manner (particularly when anchors are deemed unreliable). Identifying methods for mitigating




One generic conclusion from the literature is that individuals appear to be inadequate “intuitive” statisticians; a need for formal judgment and decision aids will become clear.

Anchoring and Adjustment In Probabilistic Inference in Auditing

The results of experiments are described, designed to assess whether auditors formulate judgments in accordance' with normative principles of decision making or whether a particular alternative to the normative model of decisionmaking under uncertainty 's employed.

Judgment under Uncertainty: Heuristics and Biases

Three heuristics that are employed in making judgements under uncertainty are described: representativeness, availability of instances or scenarios, which is often employed when people are asked to assess the frequency of a class or the plausibility of a particular development.

Empirical comparison of subjective probability elicitation methods

Direct elicitation of probabilities provided significantly more accurate subjective probabilities than did the bisection method and the former method also was significantly more acceptable to the subjects.

Contingent decision behavior.

Reviews the literature showing the effects of task and context variables on decision behavior and evaluates alternative theories for handling task and context effects. These frameworks include (a)