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

  title={When effortful thinking influences judgmental anchoring: differential effects of forewarning and incentives on self‐generated and externally provided anchors},
  author={Nicholas Epley and Thomas Gilovich},
  journal={Journal of Behavioral Decision Making},
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 ofsalient anchor values. Previous research has found no effect of either manipulation on the magnitude of anchoring effects. We argue, however, that anchoring effects are produced by multiple mechanisms—one involving an effortful process of adjustment from ‘‘self-generated’’ anchors, and another involving… 

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