One Swallow Doesnâ€™t Make a Summer: New Evidence on Anchoring Effects
AbstractSome researchers have argued that anchoring in economic valuations casts doubt on the assumption of consistent and stable preferences. We present new evidence that questions the robustness of certain anchoring results. We then present a theoretical framework that provides insights into why we should be cautious of initial empirical findings in general. The model importantly highlights that the rate of false positives depends not only on the observed significance level, but also on statistical power, research priors, and the number of scholars exploring the question. Importantly, a few independent replications dramatically increase the chances that a given original finding is true.
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Bibliographic InfoPaper provided by The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham in its series Discussion Papers with number 2013-07.
Date of creation: Jul 2013
Date of revision:
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Postal: School of Economics University of Nottingham University Park Nottingham NG7 2RD
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Web page: http://www.nottingham.ac.uk/economics/cedex/
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Anchoring; Methodology; Replication; Willingness to Accept; Experiment;
Other versions of this item:
- Maniadis, Zacharias & Tufano, Fabio & List, John, 2013. "One swallow doesnâ€™t make a summer: new evidence on anchoring effects," Discussion Paper Series In Economics And Econometrics 1314, Economics Division, School of Social Sciences, University of Southampton.
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