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Come On Down: Investigating An Informational Strategy To Debias The Anchoring Heuristic, Melissa A. Fuesting, Ellen Furlong
Come On Down: Investigating An Informational Strategy To Debias The Anchoring Heuristic, Melissa A. Fuesting, Ellen Furlong
Honors Projects
When individuals estimate the price of goods or services, irrelevant factors may affect the estimates. For example, irrelevant numbers in individuals’ environments can cause participants to “anchor” to them as starting point price estimates, such that estimates tend toward the anchor (Tversky & Kahneman, 1974; Chapman & Johnson, 1994). In fact, anchored individuals may pay up to three times as much for a product and buy 32% more products (Ariely, Loewenstein, & Prelec, 2003; Wansink, Kent, & Hoch, 1998). Because anchoring affects purchases large and small, this study investigates how to debias, or reduce the negative effects of, the anchoring …