Download pdf
Revisiting the Anchoring Effect: Summary and Outlook
- 1 Binzhou University
* Author to whom correspondence should be addressed.
Abstract
The practical application of anchoring effect has been paid much attention in the commercial field. Research in recent decades has shown that the effects of anchoring are very powerful. In different contexts, it can be manifested through a wide range of decision-making tasks in different groups. There are many forms of "anchoring" that influence people's thinking and judgment, such as casual comments from friends, numbers on TV, and fixed opinions about people's skin color, appearance, and clothing may affect your thinking and judgment on a certain issue before you realize it. One of the most common types of "anchoring" in business decisions is based on past events and trends that lead to poor decisions. This paper discusses the anchoring effect in many different fields and tasks under the influence of anchoring, and how the anchoring effect is related, developed, and further influenced. This paper also focuses on the judicial decision and consumer price negotiation to explore the influence of anchoring effect. Finally, we look at the effects of anchoring from these two perspectives.
Keywords
anchoring, decision-making, negotiation, judicial sentencing decisions
[1]. Belsky, G., & Gilovich, T. (1999). Why smart people make big money mistakes—And how to correct them. New York: Simon and Schuster.
[2]. Tversky,A., & D. Kahneman(1974). Judgment under uncertainty: Heuristics and Biases: Biases in judgments reveal some heuristics of thinking under uncertainty. science, 185(4157), 1124-1131.
[3]. Simon, H. A. (1955). A behavioral model of rational choice. The quarterly journal of economics,99-118.
[4]. Slovic, P. (1967). The relative influence of probabilities and payoffs upon perceived risk of a gamble. Psychonomic Science, 9(4), 223-224.
[5]. Chapman, G. B., & Johnson, E. J. (1999). Anchoring, activation, and the construction of values. Organizational Behavior and Human Decision Processes, 79, 115–153.
[6]. Mussweiler, T., & Strack, F. (1999a). Comparing is believing: A selective accessibility model of judgmental anchoring. In W. Stroebe & M. Hewstone (Eds.), European review of social psychology (Vol. 10, pp. 135–168). Chichester, England: Wiley.
[7]. Strack, F., & Mussweiler, T. (1997). Explaining the enigmatic anchoring effect: Mechanisms of selective accessibility. Journal of Personality and Social Psychology, 73, 437–446.
[8]. Englich, B., Mussweiler, T., & Strack, F. (2005). The last word in court: A hidden disadvantage for the defense. Law and Human Behavior, 28, 705–722.
[9]. Jacowitz, K. E., & Kahneman, D. (1995). Measures of anchoring in estimation tasks. Personality and Social Psychology Bulletin, 21(11), 1161-1166.
[10]. Northcraft, G. B., & Neale, M. A. (1987). Experts, amateurs, and real estate: An anchoring-and-adjustment perspective on property pricing decisions. Organizational behavior and human decision processes, 39(1), 84-97.
[11]. Sherif, M., Taub, D., & Hovland, C. I. (1958). Assimilation and contrast effects of anchoring stimuli on judgments. Journal of experimental psychology, 55(2), 150.
[12]. Epley, N., & Gilovich, T. (2001). Putting adjustment back in the anchoring and adjustment heuristic: Differential processing of self-generated and provided anchors. Psychological Science, 12, 391-396.
[13]. Epley, N., & Gilovich, T. (2004). Are adjustments insufficient? Personality and Social Psychology Bulletin, 30(4), 447-460.
[14]. Epley, N., & Gilovich, T. (2005). When effortful thinking influences judgmental anchoring: Differential effects of forewarning and incentives on self-generated and externally provided anchors. Journal of Behavioral Decision Making, 18, 199-212.
[15]. Epley, N., & Gilovich, T. (2006). The anchoring-and-adjustment heuristic: Why the adjustments are insufficient. Psychological science, 17(4), 311-318.
[16]. Mussweiler, T., Strack, F., & Pfeiffer, T. (2000). Overcoming the inevitable anchoring effect: Considering the opposite compensates for selective accessibility. Personality and Social Psychology Bulletin, 26(9), 1142-1150.
[17]. Lichtenstein, S., & Slovic, P. (1971). Reversals of preference between bids and choices in gambling decisions. Journal of experimental psychology, 89(1), 46.
[18]. Miller, N., & Sklarz, M. (1987). Pricing strategies and residential property selling prices. Journal of Real Estate Research, 2(1), 31-40.
[19]. Fiedler, K. (1999). Adjustment and anchoring. In A. S. R. Manstead & M. Hewstone (Eds.), The Blackwell encyclopedia of social psychology (p. 9). Oxford, England: Blackwell.
[20]. Fiske, S. T., & Taylor, S. E. (1991). Social cognition (2nd ed.). New York: McGraw-Hill.
Cite this article
Ding,J. (2023). Revisiting the Anchoring Effect: Summary and Outlook. Advances in Economics, Management and Political Sciences,48,179-186.
Data availability
The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.
Disclaimer/Publisher's Note
The statements, opinions and data contained in all publications are solely those of the individual author(s) and contributor(s) and not of EWA Publishing and/or the editor(s). EWA Publishing and/or the editor(s) disclaim responsibility for any injury to people or property resulting from any ideas, methods, instructions or products referred to in the content.
About volume
Volume title: Proceedings of the 2nd International Conference on Financial Technology and Business Analysis
© 2024 by the author(s). Licensee EWA Publishing, Oxford, UK. This article is an open access article distributed under the terms and
conditions of the Creative Commons Attribution (CC BY) license. Authors who
publish this series agree to the following terms:
1. Authors retain copyright and grant the series right of first publication with the work simultaneously licensed under a Creative Commons
Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this
series.
2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the series's published
version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial
publication in this series.
3. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and
during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See
Open access policy for details).