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One Swallow Doesn't Make a Summer: New Evidence on Anchoring Effects

Author

Listed:
  • Zacharias Maniadis

    () (School of Social Sciences, University of Southampton)

  • Fabio Tufano

    () (School of Economics, University of Nottingham)

  • John A List

    () (School of Economics, University of Chicago)

Abstract

Some 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.

Suggested Citation

  • Zacharias Maniadis & Fabio Tufano & John A List, 2013. "One Swallow Doesn't Make a Summer: New Evidence on Anchoring Effects," Discussion Papers 2013-07, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
  • Handle: RePEc:not:notcdx:2013-07
    as

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    References listed on IDEAS

    as
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    More about this item

    Keywords

    Anchoring; Methodology; Replication; Willingness to Accept; Experiment;

    JEL classification:

    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis

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