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Variations on anchoring: Sequential anchoring revisited

Published online by Cambridge University Press:  01 January 2023

Štěpán Bahník*
Affiliation:
Faculty of Business Administration, University of Economics, Prague, náměstí Winstona Churchilla 4, Prague, 130 67, Czech Republic
Petr Houdek
Affiliation:
Faculty of Business Administration, University of Economics, Prague, náměstí Winstona Churchilla 4, Prague, 130 67, Czech Republic
Lucie Vrbová
Affiliation:
Faculty of Business Administration, University of Economics, Prague, náměstí Winstona Churchilla 4, Prague, 130 67, Czech Republic
Jiří Hájek
Affiliation:
Faculty of Business Administration, University of Economics, Prague, náměstí Winstona Churchilla 4, Prague, 130 67, Czech Republic
*
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Abstract

The anchoring effect, the assimilation of judgment toward a previously considered value, has been shown using various experimental paradigms. We used several variations of the sequential anchoring paradigm, in which a numeric estimate influences a subsequent numeric estimate on the same scale, to investigate how anchoring is influenced by multiple anchors, a comparison question, and by a newly introduced debiasing procedure. We replicated the anchoring effect using the sequential anchoring paradigm and showed that, when two anchors of opposite directions are presented, the second seems to influence a subsequent judgment somewhat more. A comparison of a target with another object before the numerical estimate was not sufficient to elicit anchoring, but it might have increased the sequential anchoring effect. The debiasing procedure, based on providing reference points on the numerical scale, prevented the sequential anchoring effect. The results are in accord with the scale distortion theory of anchoring, but other theories may also account for the observed findings with additional adjustments.

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Type
Research Article
Creative Commons
Creative Common License - CCCreative Common License - BY
The authors license this article under the terms of the Creative Commons Attribution 3.0 License.
Copyright
Copyright © The Authors [2019] This is an Open Access article, distributed under the terms of the Creative Commons Attribution license (http://creativecommons.org/licenses/by/3.0/), which permits unrestricted re-use, distribution, and reproduction in any medium, provided the original work is properly cited.
Figure 0

Table 1: An overview of experimental conditions with an example. The column on the right shows an example of the materials used for the weight scale (kg). See Appendix for the list of all the scales

Figure 1

Table 2: Comparison of the anchoring conditions with the control condition

Figure 2

Figure 1: Results of analyses comparing absolute judgments of the target value. The points and error bars represent estimates of the effects and their 95% confidence intervals for comparison with the control condition, which are also reported in Table 2. At the upper part of the graph are results of all comparisons of absolute judgments of the target value reported in the text. The bottom line of results shows p-values for comparisons of pairs of conditions and the remaining results pertain to 2×2 interaction effects. A comparison of sequential anchors and two-anchors conditions can be performed in two ways, both of which are reported in the top line of results. The first analysis tests the effect of the first anchor and the second tests the effect of the second anchor.