The limits of anchoring.
@article{Chapman1994TheLO, title={The limits of anchoring.}, author={Gretchen B. Chapman and Eric J. Johnson}, journal={Journal of Behavioral Decision Making}, year={1994}, volume={7}, pages={223-242} }
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…
372 Citations
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The anchoring bias, the effect of uninformative anchor numbers on judgments, is a robust finding. In experiments yielding the anchoring bias, typically participants are explicitly asked to compare…
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The anchoring effect, the assimilation of judgment toward a previously considered value, has been shown using various experimental paradigms. We used several variations of the sequential anchoring…
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Varying anchor distance showed that anchor plausibility decreased with increasing anchor distance following a non-linear monotone function, and that size of hindsight bias initially increased with increasing anchored distance but, from a certain distance, started to decrease.
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- PsychologyPsychological science
- 2001
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.
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