Anchoring in sequential judgments |
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Authors: | Daniel Mochon Shane Frederick |
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Affiliation: | 1. A.B. Freeman School of Business, Tulane University, United States;2. School of Management, Yale University, United States |
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Abstract: | Building on the scale distortion theory (Frederick & Mochon, 2012), we explore the boundary conditions of anchoring outside of the standard paradigm. We argue that the conditions needed for anchoring effects are much more restrictive than those suggested by some theories, but much less restrictive than those suggested by others. Our findings illuminate both the scope and limits of this well-known effect and provide a framework for predicting its occurrence in novel settings. |
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Keywords: | Anchoring Judgment Response bias Context effect Heuristics |
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