THE LIMITS OF ANCHORING

Anchoring and adjustment is a pervasive bias in which decision makers are influenced by random or uniformative numbers or starting points. As a means of understanding this effect, we explore two limits on anchoring. In Experiments 1 and 2, implausibly extreme anchors had a proportionally smaller effect than anchors close to the expected value of the lotteries evaluated. In Experiments 2 and 3, anchoring occurred only if the anchor and preference judgment were expressed on the same scale. Incompatible anchors and response modes resulted in no anchoring bias. A confirmatory search mechanism is proposed to account for these results.