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Anchoring in sequential judgments

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  • Mochon, Daniel
  • Frederick, Shane

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.

Suggested Citation

  • Mochon, Daniel & Frederick, Shane, 2013. "Anchoring in sequential judgments," Organizational Behavior and Human Decision Processes, Elsevier, vol. 122(1), pages 69-79.
    • Handle: RePEc:eee:jobhdp:v:122:y:2013:i:1:p:69-79
    DOI: 10.1016/j.obhdp.2013.04.002
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    References listed on IDEAS

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    1. Payne, John W & Schkade, David A. & Desvousges, William H. & Aultman, Chris, 2000. "Valuation of Multiple Environmental Programs," Journal of Risk and Uncertainty, Springer, vol. 21(1), pages 95-115, July.
    2. Wong, Kin Fai Ellick & Kwong, Jessica Yuk Yee, 2000. "Is 7300 m Equal to 7.3 km? Same Semantics but Different Anchoring Effects," Organizational Behavior and Human Decision Processes, Elsevier, vol. 82(2), pages 314-333, July.
    3. Mussweiler, Thomas & Englich, Birte, 2005. "Subliminal anchoring: Judgmental consequences and underlying mechanisms," Organizational Behavior and Human Decision Processes, Elsevier, vol. 98(2), pages 133-143, November.
    4. Mussweiler, Thomas & Strack, Fritz, 2001. "The Semantics of Anchoring," Organizational Behavior and Human Decision Processes, Elsevier, vol. 86(2), pages 234-255, November.
    5. Chapman, Gretchen B. & Johnson, Eric J., 1999. "Anchoring, Activation, and the Construction of Values, , , , , ," Organizational Behavior and Human Decision Processes, Elsevier, vol. 79(2), pages 115-153, August.
    6. Adaval, Rashmi & Monroe, Kent B, 2002. "Automatic Construction and Use of Contextual Information for Product and Price Evaluations," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 28(4), pages 572-588, March.
    7. Noel T. Brewer & Gretchen B. Chapman & Janet A. Schwartz & George R. Bergus, 2007. "The Influence of Irrelevant Anchors on the Judgments and Choices of Doctors and Patients," Medical Decision Making, , vol. 27(2), pages 203-211, March.
    8. Lynch, John G, Jr & Chakravarti, Dipankar & Mitra, Anusree, 1991. "Contrast Effects in Consumer Judgments: Changes in Mental Representations or in the Anchoring of Rating Scales?," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 18(3), pages 284-297, December.
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    Citations

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    Cited by:

    1. Magdalena Brzozowicz & Michał Krawczyk & Przemysław Kusztelak, 2017. "Do anchors hold for real? Anchoring effect and hypothetical bias in declared WTP," Working Papers 2017-24, Faculty of Economic Sciences, University of Warsaw.
    2. Schaerer, Michael & Loschelder, David D. & Swaab, Roderick I., 2016. "Bargaining zone distortion in negotiations: The elusive power of multiple alternatives," Organizational Behavior and Human Decision Processes, Elsevier, vol. 137(C), pages 156-171.
    3. repec:cup:judgdm:v:16:y:2021:i:1:p:131-141 is not listed on IDEAS
    4. Rader, Christina A. & Soll, Jack B. & Larrick, Richard P., 2015. "Pushing away from representative advice: Advice taking, anchoring, and adjustment," Organizational Behavior and Human Decision Processes, Elsevier, vol. 130(C), pages 26-43.
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    6. Brady, Garrett L. & Inesi, M. Ena & Mussweiler, Thomas, 2021. "The power of lost alternatives in negotiations," Organizational Behavior and Human Decision Processes, Elsevier, vol. 162(C), pages 59-80.
    7. Andrea F.M. Martinangeli & Biljana Meiske, 2022. "The influence premium of monetary rank," Working Papers tax-mpg-rps-2022-08, Max Planck Institute for Tax Law and Public Finance.
    8. Adam J. L. Harris & Maarten Speekenbrink, 2016. "Semantic cross-scale numerical anchoring," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 11(6), pages 572-581, November.
    9. Adam J. L. Harris & Han-Hui Por & Stephen B. Broomell, 2017. "Anchoring climate change communications," Climatic Change, Springer, vol. 140(3), pages 387-398, February.
    10. Štěpán Bahník & Fritz Strack, 2016. "Overlap of accessible information undermines the anchoring effect," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 11(1), pages 92-98, January.
    11. Matthew McGranaghan & Jura Liaukonyte & Geoffrey Fisher & Kenneth C. Wilbur, 2019. "Lead Offer Spillovers," Marketing Science, INFORMS, vol. 38(4), pages 643-668, July.
    12. Chen Benjamin Minhao & Li Zhiyu, 2018. "The Foundations of Judicial Diffusion in China: Evidence from an Experiment," Review of Law & Economics, De Gruyter, vol. 14(3), pages 1-27, November.
    13. Štěpán Bahník, 2021. "Anchoring without scale distortion," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 16(1), pages 131-141, January.
    14. Winkler, Jens & Moser, Roger, 2016. "Biases in future-oriented Delphi studies: A cognitive perspective," Technological Forecasting and Social Change, Elsevier, vol. 105(C), pages 63-76.
    15. Magdalena Brzozowicz & Michał Krawczyk, 2020. "Honey, Mugs and Caricatures: anchors on prices of consumer goods only hold hypothetically," Working Papers 2020-40, Faculty of Economic Sciences, University of Warsaw.
    16. repec:cup:judgdm:v:14:y:2019:i:6:p:711-720 is not listed on IDEAS
    17. Daniels, David P. & Neale, Margaret A. & Greer, Lindred L., 2017. "Spillover bias in diversity judgment," Organizational Behavior and Human Decision Processes, Elsevier, vol. 139(C), pages 92-105.
    18. Štěpán Bahník & Petr Houdek & Lucie Vrbová & Jiří Hájek, 2019. "Variations on anchoring: Sequential anchoring revisited," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 14(6), pages 711-720, November.
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