The anchoring heuristic based on items characterized by weight and value
DOI:
https://doi.org/10.15678/PJOEP.2016.10.02Keywords:
anchoring heuristic, physical anchors, weight, willingness to payAbstract
The anchoring heuristic is a simplified strategy of decision making, in which anchor numbers affect numerical estimations. Comparing the target of estimation to a relatively low anchor number leads to a lower estimation than comparison to a relatively high anchor number. This effect is usually considered to be the result of using pure numbers, however numerical estimations can be affected by physical stimuli. In this study, we used items attributed in the context of weight and value. Comparing the anchor item characterized as light/heavy and cheap/expensive affects the subsequent estimations of weight and value of another item. Participants (N = 160) were handed the anchor item to become familiar with it. After returning the anchor, they were handed another item to estimate its weight and value. The results suggest that the perception of weight influenced the estimations regarding weight, while the perception of value influenced the estimations of value. The results are discussed in the context of the anchoring mechanism based on self-generated anchors.
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