Kahnemann & Tversky (1974)

Question 1

Anchoring Bias

Answer 1

The tendency to rely too heavily on the first piece of information offered (the “anchor”) when making subsequent decisions

Question 2

Procedure, sample

Answer 2

High school students were used as participants. Participants in the “ascending condition” were asked to quickly estimate the value of 1 X 2 X 3 X 4 X 5 X 6 X 7 X 8 in five seconds.

Those in the “descending condition” were asked to quickly estimate the value of 8 X 7 X 6 X 5 X 4 X 3 X 2 X 1.

Question 3

Results

Answer 3

The researchers found that the median for the ascending group was 512; the median for the descending group was 2250. The actual value is 40320.