A literature review of the anchoring effect
The 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.
Volume (Year): 40 (2011)
Issue (Month): 1 (February)
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- 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.
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- 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.
- 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.
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- 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.
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