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Underpowered studies and exaggerated effects: A replication and re‐evaluation of the magnitude of anchoring effects

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  • Tongzhe Li
  • Collin Weigel
  • Paul Ferraro
  • Kent D. Messer

Abstract

We reconsider one of the most widely studied behavioral biases: anchoring effects. We estimate that study designs in this literature, including replication studies, routinely fail to achieve statistical power of more than 30%. This study replicates an anchoring study that reported an effect size of a 31% increase in participants' bids. In the replication, we increased the design's statistical power from 46% to 96%, reducing the average exaggeration of a statistically significant result by a factor of seven. Our replication results reject the size of the original estimated effects. We find an estimated effect of 3.4% (95% CI [−3.4%, 10%]).

Suggested Citation

  • Tongzhe Li & Collin Weigel & Paul Ferraro & Kent D. Messer, 2025. "Underpowered studies and exaggerated effects: A replication and re‐evaluation of the magnitude of anchoring effects," Economic Inquiry, Western Economic Association International, vol. 63(2), pages 387-402, April.
    • Handle: RePEc:bla:ecinqu:v:63:y:2025:i:2:p:387-402
    DOI: 10.1111/ecin.13279
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