A literature review of the anchoring effect
AbstractThe anchoring effect is one of the most robust cognitive heuristics. This paper reviews the literature in this area including various different models, explanations and underlying mechanisms used to explain anchoring effects. The anchoring effect is both robust and has many implications in all decision making processes. This review paper documents the many different domains and tasks in which the effect has been shown. It also considers mood and individual difference (ability, personality, information styles) correlates of anchoring as well as the effect of motivation and knowledge on decisions affected by anchoring. Finally the review looks at the applicants of the anchoring effects in everyday life.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Elsevier in its journal Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics).
Volume (Year): 40 (2011)
Issue (Month): 1 (February)
Contact details of provider:
Web page: http://www.elsevier.com/locate/inca/620175
Anchoring effects Individual differences Rewards;
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Oechssler, Jörg & Roider, Andreas & Schmitz, Patrick W., 2009.
"Cognitive Abilities and Behavioral Biases,"
0465, University of Heidelberg, Department of Economics.
- Oechssler, Jörg & Roider, Andreas & Schmitz, Patrick W., 2008. "Cognitive Abilities and Behavioral Biases," IZA Discussion Papers 3481, Institute for the Study of Labor (IZA).
- Oechssler, Jörg & Roider, Andreas & Schmitz, Patrick W., 2008. "Cognitive Abilities and Behavioral Biases," Sonderforschungsbereich 504 Publications 08-05, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim.
- 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.
- Brandstatter, Hermann, 1993. "Should economic psychology care about personality structure?," Journal of Economic Psychology, Elsevier, vol. 14(3), pages 473-494, September.
- Eroglu, Cuneyt & Croxton, Keely L., 2010. "Biases in judgmental adjustments of statistical forecasts: The role of individual differences," International Journal of Forecasting, Elsevier, vol. 26(1), pages 116-133, January.
- Todd McElroy & Keith Dowd, 2007. "Susceptibility to anchoring effects: How openness-to-experience influences responses to anchoring cues," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 2, pages 48-53, February.
- van Exel, N.J.A. & Brouwer, W.B.F. & van den Berg, B. & Koopmanschap, M.A., 2006. "With a little help from an anchor: Discussion and evidence of anchoring effects in contingent valuation," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 35(5), pages 836-853, October.
- Biswas, Abhijit & Wilson, Elizabeth J. & Licata, Jane W., 1993. "Reference pricing studies in marketing: A synthesis of research results," Journal of Business Research, Elsevier, vol. 27(3), pages 239-256, July.
- Birte Englich & Kirsten Soder, 2009. "Moody experts --- How mood and expertise influence judgmental anchoring," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 4(1), pages 41-50, February.
- Mussweiler, Thomas & Strack, Fritz, 2001. "The Semantics of Anchoring," Organizational Behavior and Human Decision Processes, Elsevier, vol. 86(2), pages 234-255, November.
- Goldstein, Daniel G. & Gigerenzer, Gerd, 2008. "The Recognition Heuristic and the Less-Is-More Effect," Handbook of Experimental Economics Results, Elsevier.
- Shane Frederick, 2005. "Cognitive Reflection and Decision Making," Journal of Economic Perspectives, American Economic Association, vol. 19(4), pages 25-42, Fall.
- 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.
- Northcraft, Gregory B. & Neale, Margaret A., 1987. "Experts, amateurs, and real estate: An anchoring-and-adjustment perspective on property pricing decisions," Organizational Behavior and Human Decision Processes, Elsevier, vol. 39(1), pages 84-97, February.
- Bergman, Oscar & Ellingsen, Tore & Johannesson, Magnus & Svensson, Cicek, 2010. "Anchoring and cognitive ability," Economics Letters, Elsevier, vol. 107(1), pages 66-68, April.
- Meub, Lukas & Proeger, Till & Bizer, Kilian, 2013. "Anchoring: A valid explanation for biased forecasts when rational predictions are easily accessible and well incentivized?," Center for European, Governance and Economic Development Research Discussion Papers 166, University of Goettingen, Department of Economics.
- Dean Gatzlaff & Peng Liu, 2013. "List Price Information in the Negotiation of Commercial Real Estate Transactions: Is Silence Golden?," The Journal of Real Estate Finance and Economics, Springer, vol. 47(4), pages 760-786, November.
- Williams Akande & Bolanle Adetoun & Modupe Adewuyi & Titilola Akande & L. Ntshanga & Balin Dlamini & James Williamson & Nomvul Dladla & Zama Hlongwane & Osad Ibeagu & Erh Osagie, 2012. "The Wisdom of Eve: On Differentiating the Colours of Emotion that May Be Threats to Good Life," Social Indicators Research, Springer, vol. 107(3), pages 531-560, July.
- Meub, Lukas & Proeger, Till, 2014. "An experimental study on social anchoring," Center for European, Governance and Economic Development Research Discussion Papers 196, University of Goettingen, Department of Economics.
- Meub, Lukas & Proeger, Till, 2014. "Are groups 'less behavioral'? The case of anchoring," Center for European, Governance and Economic Development Research Discussion Papers 188, University of Goettingen, Department of Economics.
- Caroline C. Brock & Bradford L. Barham, 2013. "‘Milk is Milk’: Organic Dairy Adoption Decisions and Bounded Rationality," Sustainability, MDPI, Open Access Journal, vol. 5(12), pages 5416-5441, December.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.