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

@article{Wright1989EffectsOS,
  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},
  year={1989},
  volume={44},
  pages={68-82}
}

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

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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.

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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
...

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