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The Effect of Multiple Anchors on Anchoring in Individual and Group Judgment

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  • Whyte, Glen
  • Sebenius, James K.

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  • Whyte, Glen & Sebenius, James K., 1997. "The Effect of Multiple Anchors on Anchoring in Individual and Group Judgment," Organizational Behavior and Human Decision Processes, Elsevier, vol. 69(1), pages 74-85, January.
    • Handle: RePEc:eee:jobhdp:v:69:y:1997:i:1:p:74-85
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    1. Davis, James H., 1992. "Some compelling intuitions about group consensus decisions, theoretical and empirical research, and interpersonal aggregation phenomena: Selected examples 1950-1990," Organizational Behavior and Human Decision Processes, Elsevier, vol. 52(1), pages 3-38, June.
    2. Wright, William F. & Anderson, Urton, 1989. "Effects of situation familiarity and financial incentives on use of the anchoring and adjustment heuristic for probability assessment," Organizational Behavior and Human Decision Processes, Elsevier, vol. 44(1), pages 68-82, August.
    3. Ono, Kaoru & Tindale, R. Scott & Hulin, Charles L. & Davis, James H., 1988. "Intuition vs. deduction: Some thought experiments concerning Likert's linking-pin theory of organization," Organizational Behavior and Human Decision Processes, Elsevier, vol. 42(2), pages 135-154, October.
    4. Ritov, Ilana, 1996. "Anchoring in Simulated Competitive Market Negotiation," Organizational Behavior and Human Decision Processes, Elsevier, vol. 67(1), pages 16-25, July.
    5. Diekmann, Kristina A. & Tenbrunsel, Ann E. & Shah, Pri Pradhan & Schroth, Holly A. & Bazerman, Max H., 1996. "The Descriptive and Prescriptive Use of Previous Purchase Price in Negotiations," Organizational Behavior and Human Decision Processes, Elsevier, vol. 66(2), pages 179-191, May.
    6. Kameda, Tatsuya & Davis, James H., 1990. "The function of the reference point in individual and group risk decision making," Organizational Behavior and Human Decision Processes, Elsevier, vol. 46(1), pages 55-76, June.
    7. Argote, Linda & Seabright, Mark A. & Dyer, Linda, 1986. "Individual versus group use of base-rate and individuating information," Organizational Behavior and Human Decision Processes, Elsevier, vol. 38(1), pages 65-75, August.
    8. Huber, Vandra L. & Neale, Margaret A., 1986. "Effects of cognitive heuristics and goals on negotiator performance and subsequent goal setting," Organizational Behavior and Human Decision Processes, Elsevier, vol. 38(3), pages 342-365, December.
    9. Joyce, Ej & Biddle, Gc, 1981. "Anchoring And Adjustment In Probabilistic Inference In Auditing," Journal of Accounting Research, Wiley Blackwell, vol. 19(1), pages 120-145.
    10. Stone, Dan N. & Ziebart, David A., 1995. "A Model of Financial Incentive Effects in Decision Making," Organizational Behavior and Human Decision Processes, Elsevier, vol. 61(3), pages 250-261, March.
    11. Davis, Harry L & Hoch, Stephen J & Ragsdale, E K Easton, 1986. "An Anchoring and Adjustment Model of Spousal Predictions," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 13(1), pages 25-37, June.
    12. Sniezek, Janet A., 1992. "Groups under uncertainty: An examination of confidence in group decision making," Organizational Behavior and Human Decision Processes, Elsevier, vol. 52(1), pages 124-155, June.
    13. Sniezek, Janet A. & Henry, Rebecca A., 1989. "Accuracy and confidence in group judgment," Organizational Behavior and Human Decision Processes, Elsevier, vol. 43(1), pages 1-28, February.
    14. Sniezek, Janet A., 1988. "Prediction with single event versus aggregate data," Organizational Behavior and Human Decision Processes, Elsevier, vol. 41(2), pages 196-210, April.
    15. Tversky, Amos & Kahneman, Daniel, 1986. "Rational Choice and the Framing of Decisions," The Journal of Business, University of Chicago Press, vol. 59(4), pages 251-278, October.
    16. Northcraft, Gregory B. & Neale, Margaret A., 1987. "Experts, amateurs, and real estate: An anchoring-and-adjustment perspective on property pricing decisions," Organizational Behavior and Human Decision Processes, Elsevier, vol. 39(1), pages 84-97, February.
    17. Stasser, Garold, 1992. "Information salience and the discovery of hidden profiles by decision-making groups: A "thought experiment"," Organizational Behavior and Human Decision Processes, Elsevier, vol. 52(1), pages 156-181, June.
    18. Switzer, Fred S. & Sniezek, Janet A., 1991. "Judgment processes in motivation: Anchoring and adjustment effects on judgment and behavior," Organizational Behavior and Human Decision Processes, Elsevier, vol. 49(2), pages 208-229, August.
    19. Block, Richard A. & Harper, David R., 1991. "Overconfidence in estimation: Testing the anchoring-and-adjustment hypothesis," Organizational Behavior and Human Decision Processes, Elsevier, vol. 49(2), pages 188-207, August.
    20. Whyte, Glen, 1993. "Escalating Commitment in Individual and Group Decision Making: A Prospect Theory Approach," Organizational Behavior and Human Decision Processes, Elsevier, vol. 54(3), pages 430-455, April.
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    Cited by:

    1. Meub, Lukas & Proeger, Till, 2016. "Are groups 'less behavioral'? The case of anchoring," University of Göttingen Working Papers in Economics 188 [rev.], University of Goettingen, Department of Economics.
    2. Li, Lunzheng & Maniadis, Zacharias & Sedikides, Constantine, 2021. "Anchoring in Economics: A Meta-Analysis of Studies on Willingness-To-Pay and Willingness-To-Accept," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 90(C).
    3. Wolfram E. Lipp & Remigiusz Smolinski & Peter Kesting, 2023. "Beyond the First Offer: Decoding Negotiation Openings and Their Impact on Economic and Subjective Outcomes," Group Decision and Negotiation, Springer, vol. 32(2), pages 395-433, April.
    4. Bond, Samuel D. & Carlson, Kurt A. & Meloy, Margaret G. & Russo, J. Edward & Tanner, Robin J., 2007. "Information distortion in the evaluation of a single option," Organizational Behavior and Human Decision Processes, Elsevier, vol. 102(2), pages 240-254, March.
    5. Ivanova-Stenzel, Radosveta & Seres, Gyula, 2021. "Are strategies anchored?," European Economic Review, Elsevier, vol. 135(C).
    6. Brady, Garrett L. & Inesi, M. Ena & Mussweiler, Thomas, 2021. "The power of lost alternatives in negotiations," Organizational Behavior and Human Decision Processes, Elsevier, vol. 162(C), pages 59-80.
    7. Kai P. Purnhagen & Erica Herpen, 2017. "Can Bonus Packs Mislead Consumers? A Demonstration of How Behavioural Consumer Research Can Inform Unfair Commercial Practices Law on the Example of the ECJ’s Mars Judgement," Journal of Consumer Policy, Springer, vol. 40(2), pages 217-234, June.
    8. Chmielecki Michał, 2020. "Cognitive Biases in Negotiation - Literature Review," Journal of Intercultural Management, Sciendo, vol. 12(2), pages 31-52, June.
    9. Thorsteinson, Todd J. & Breier, Jennifer & Atwell, Anna & Hamilton, Catherine & Privette, Monica, 2008. "Anchoring effects on performance judgments," Organizational Behavior and Human Decision Processes, Elsevier, vol. 107(1), pages 29-40, September.
    10. Clampit, Jack & Gaffney, Nolan & Fabian, Frances & Stafford, Thomas, 2023. "Institutional misalignment and escape-based FDI: A prospect theory lens," International Business Review, Elsevier, vol. 32(3).
    11. Andreas Glöckner & Janet Kleber & Stephan Tontrup & Stefan Bechtold, 2009. "The Endowment Effect in Groups with and without Strategic Incentives," Discussion Paper Series of the Max Planck Institute for Research on Collective Goods 2009_35, Max Planck Institute for Research on Collective Goods.
    12. Neil E. Fassina & Glen R. Whyte, 2014. "“I am Disgusted by Your Proposal”: The Effects of a Strategic Flinch in Negotiations," Group Decision and Negotiation, Springer, vol. 23(4), pages 901-920, July.
    13. Milch, Kerry F. & Weber, Elke U. & Appelt, Kirstin C. & Handgraaf, Michel J.J. & Krantz, David H., 2009. "From individual preference construction to group decisions: Framing effects and group processes," Organizational Behavior and Human Decision Processes, Elsevier, vol. 108(2), pages 242-255, March.
    14. Leonardelli, Geoffrey J. & Gu, Jun & McRuer, Geordie & Medvec, Victoria Husted & Galinsky, Adam D., 2019. "Multiple equivalent simultaneous offers (MESOs) reduce the negotiator dilemma: How a choice of first offers increases economic and relational outcomes," Organizational Behavior and Human Decision Processes, Elsevier, vol. 152(C), pages 64-83.
    15. Tim R. Holcomb & R. Duane Ireland & R. Michael Holmes Jr. & Michael A. Hitt, 2009. "Architecture of Entrepreneurial Learning: Exploring the Link among Heuristics, Knowledge, and Action," Entrepreneurship Theory and Practice, , vol. 33(1), pages 167-192, January.
    16. Srinagesh Gavirneni & Yusen Xia, 2009. "Anchor Selection and Group Dynamics in Newsvendor Decisions---A Note," Decision Analysis, INFORMS, vol. 6(2), pages 87-97, June.
    17. Bhatia, Nazlı & Gunia, Brian C., 2018. "“I was going to offer $10,000 but…”: The effects of phantom anchors in negotiation," Organizational Behavior and Human Decision Processes, Elsevier, vol. 148(C), pages 70-86.
    18. Alice F. Stuhlmacher & Matthew V. Champagne, 2000. "The Impact of Time Pressure and Information on Negotiation Process and Decisions," Group Decision and Negotiation, Springer, vol. 9(6), pages 471-491, November.
    19. Denise Fleck & Roger J. Volkema & Sergio Pereira, 2016. "Dancing on the Slippery Slope: The Effects of Appropriate Versus Inappropriate Competitive Tactics on Negotiation Process and Outcome," Group Decision and Negotiation, Springer, vol. 25(5), pages 873-899, September.
    20. Meub, Lukas & Proeger, Till E., 2015. "Anchoring in social context," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 55(C), pages 29-39.
    21. Lukas Meub & Till Proeger, 2018. "Are groups ‘less behavioral’? The case of anchoring," Theory and Decision, Springer, vol. 85(2), pages 117-150, August.
    22. Prasad Padmanabhan & Wenqing Zhang & Chia-Hsing Huang, 2013. "Mitigating the Impact of Managerial Anchoring: The Case for Management by Committee for Major Corporate Financial Decisions," Multinational Finance Journal, Multinational Finance Journal, vol. 17(3-4), pages 341-369, September.
    23. Shavin Malhotra & Pengcheng Zhu & Taco H. Reus, 2015. "Anchoring on the acquisition premium decisions of others," Strategic Management Journal, Wiley Blackwell, vol. 36(12), pages 1866-1876, December.
    24. Meub, Lukas & Proeger, Till, 2014. "Are groups 'less behavioral'? The case of anchoring," University of Göttingen Working Papers in Economics 188, University of Goettingen, Department of Economics.
    25. Rhode, Alexander & Schönbohm, Avo & van Vliet, Jacobus, 2014. "The tactical utilization of cognitive biases in negotiations," Working Papers 80, Berlin School of Economics and Law, Institute of Management Berlin (IMB).

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