After Quiz 2

Question 1

Anchoring and adjustment (how do people make estimates)

Answer 1

People make estimates by starting from an intitial value that is adjusted to yield the final answer

Question 2

Do people use anchoring and adjustment to make quick estimations?

Answer 2

Yes

Question 3

Anchoring effect (Quantitative)

Answer 3

High anchors lead to higher numerical estimates than low anchors

Question 4

Do people rely on randomly generated numbers to make quick estimations

Answer 4

Yes

Question 5

Comparative judgement task

Answer 5

Participants asked to determine whether an anchor has a higher or lower value than the actual answer

Question 6

Absolute judgement

Answer 6

Providing an estimate of the actual answer

Question 7

Does the plausibility of anchors influence estimates?

Answer 7

There is an anchoring effect - higher produces higher, lower produces lower

People use both plausible and implausible anchors to make estimates

Question 8

Do people engage in the adjustment process when anchors are presented ?

Answer 8

No

Question 9

Do people engage in the adjustment process when they make estimations based on self-generated anchors?

Answer 9

When making estimations, people adjust from self-generated anchors but not for externally provided anchors

Question 10

Anchoring effect (qualitative)

Answer 10

People make use of the immediate piece of information they encounter as a reference to make decisions