A literature review of the anchoring effect

The anchoring effect is one of the most robust cognitive heuristics. This paper reviews the literature in this area including various different models, explanations and underlying mechanisms used to explain anchoring effects. The anchoring effect is both robust and has many implications in all decision making processes. This review paper documents the many different domains and tasks in which the effect has been shown. It also considers mood and individual difference (ability, personality, information styles) correlates of anchoring as well as the effect of motivation and knowledge on decisions affected by anchoring. Finally the review looks at the applicants of the anchoring effects in everyday life.

Research highlights▶ Anchoring bias is a process whereby people are influenced by specific information given before a judgement. ▶ This paper reviews 40 years research on this very robust finding which occurs with many different judgements. ▶ Different processes have been proposed. ▶ Ability, personality, processing styles and mood have a small impact on anchoring judgements. ▶ The applications to the area are substantial.