The limits of anchoring.

  title={The limits of anchoring.},
  author={Gretchen B. Chapman and Eric J. Johnson},
  journal={Journal of Behavioral Decision Making},
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… 

The fragile basic anchoring effect

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

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.

A new look at anchoring effects: basic anchoring and its antecedents.

Five studies supported the hypothesis that basic anchoring effects can occur, whereby uninformative numerical anchors influence a judgment even when people are not asked to compare this number to the target value.

Do anchors hold for real? Anchoring effect and hypothetical bias in declared WTP

In two field experiments the authors elicit willingness to pay for a mascara, systematically manipulating incentives to provide the true valuation (hypothetical vs. real) and anchors (high vs. low or

Fooled by facts: quantifying anchoring bias through a large-scale experiment

The comparison of the anchoring stimuli and respective responses across different tasks reveals a positive, yet complex relationship between the anchors and the bias in participants' predictions of the outcomes of events in the future.

The robustness of the anchoring effect in valuation tasks

I examined the robustness of the anchoring effect with respect to the method of valuation, type of anchor and the availability of information about the presented product. In four different laboratory

Implications of Attitude Change Theories for Numerical Anchoring: Anchor Plausibility and the Limits of Anchor Effectiveness

Abstract Effects of extreme versus moderate numerical anchors are investigated. Similar to past results in attitude change, three separate data collections show that extreme anchors can have less

Variations on anchoring: Sequential anchoring revisited

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

Hindsight bias as a function of anchor distance and anchor plausibility

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.

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.



An Anchoring and Adjustment Model of Spousal Predictions

How do we predict the preferences of other people? This article proposes an anchoring and adjustment process where we anchor on our own preferences and attempt to adjust for ways in which we are

Strategy compatibility, scale compatibility, and the prominence effect.

Ss expressed preferences between pairs of decision alternatives characterized by 2 attributes, for example, price and quality. They were more likely to prefer the alternative that was superior with

Contingent weighting in judgment and choice

Abstract : Preference can be inferred from direct choice between options or from a matching procedure in which the decision maker adjusts one option to match another. Studies of perferences between

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.

Information Processing Strategies in Riskless Preference Reversals: The Prominence Effect

Abstract A preference reversal occurs whenever an individual prefers one alternative to another in one response mode (e.g., choice) but shows the opposite preference order in another response mode

Anchoring and adjustment in judgments under risk.

This article examines anchoring and adjustement in the assignment of minimum selling prices to three-outcome gambles.

Preference Reversals in Monetary and Life Expectancy Evaluations

Abstract Two experiments demonstrate a new type of preference reversal. In life expectancy evaluations, health items (e.g., a new treatment that would give you perfect 20/20 vision) were preferred to