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#THE ANCHORING INDEX HOW TO#
How to Select, Calculate, and Interpret Effect Sizes. Cambridge Handbook of Experimental Political Science, 1, 41-57ĭurlak, J. Journal of Behavioral Decision Making, 21, 241-251.ĭruckman, J. Statistical Power Analysis for the Behavioral Sciences. The Journal of Socio-Economics, 40, 35-42).Ĭohen, J. A Literature Review of the Anchoring Effect. Organizational Behavior and Human Decision Processes, 79, 115-153 (as cited in Furnham, A., and Boo, H. Anchoring, Activation, and the Construction of Values. Behavioral Economics: Past, Present, Future.Ĭhapman, G. Proceedings of the National Academy of Sciences, 96, 10575-10577.Ĭamerer, C. Behavioral Economics: Reunifying Psychology and Economics. The Quarterly Journal of Economics, 118, 73-106.Ĭamerer, C. Coherent Arbitrariness: Stable Demand Curves Without Stable Preferences. Hence, increases in anchoring effect result in a larger influence on the estimations of the subjects.Īriely, D., Loewenstein, G., and Prelec, D. Moreover, when the subjects are explicitly directed to the anchor value, anchoring effect is more influential than a regular incidental anchoring effect. According to the results, when the anchoring effect increases, the anchors' impact on the mean estimations of the subjects also increases.
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In the last section of the study, the findings of a class experiment are presented and discussed. In this study, anchoring effect as a cognitive bias is analyzed with its theoretical and psychological background. It is assumed that anchoring effect is one of the most robust cognitive biases since it might occur without the individual's awareness. Hence, one of the primary sources of these rationalities comes from cognitive biases and heuristics, according to many psychologies and behavioral economics studies. Behavioral economists suggest that it is more realistic to call individuals and firms "bounded rational" than rational to solve this inconsistency. Over the last decades, standard economic assumptions are questioned due to some empirical violation examples of the rationality principle in economic theory. ORCID: 0000-0003-2167-6838Īnchoring Effect, Anchoring-and-Adjustment, Incidental Anchors, Experimental Economics Abstract Student in Political and Administrative Sciences.