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Relevant information, personality traits and anchoring effect

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  • Andrea Caputo

Abstract

Although personality has been one of the most-studied factors in management and decision-making research, this stream of research has generated inconsistent support for the relationship between personality traits and individuals' susceptibility to heuristics, and therefore biased judgment. The aim of this study is to investigate how the provision of correct information and individual difference factors influence susceptibility to anchoring effect. To test this hypothesis, individual levels of the personality traits have been measured. Then, participants were provided with an anchoring task involving the Taj Mahal either providing them correct information before the experiment or not. Providing individuals with the correct information limited susceptibility to the irrelevant anchor; even if only 33% of those exactly recalled it when providing the estimate. High values in agreeableness and openness to experience were found to be related with reduced susceptibility to the anchor.

Suggested Citation

  • Andrea Caputo, 2014. "Relevant information, personality traits and anchoring effect," International Journal of Management and Decision Making, Inderscience Enterprises Ltd, vol. 13(1), pages 62-76.
    • Handle: RePEc:ids:ijmdma:v:13:y:2014:i:1:p:62-76
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    Citations

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    Cited by:

    1. Daniel Fonseca Costa & Francisval Carvalho & Bruno César Moreira & José Willer Prado, 2017. "Bibliometric analysis on the association between behavioral finance and decision making with cognitive biases such as overconfidence, anchoring effect and confirmation bias," Scientometrics, Springer;Akadémiai Kiadó, vol. 111(3), pages 1775-1799, June.
    2. Rohollah Hosseini, 2019. "Role of the Entrepreneurship in the Development of Industry," Journal of Contemporary Research in Business, Economics and Finance, Michael Laurence, vol. 1(1), pages 1-11.
    3. Georgios N. Aretoulis, 2018. "Gender Based Perception of Successful Construction of Project Managers’ Attributes," Social Sciences, MDPI, vol. 7(7), pages 1-18, July.
    4. Mariano Puglisi & Vincenzo Fasone & Giulio Pedrini & Deborah Gervasi & Guglielmo Faldetta, 2022. "Using a dual system of reasoning in small businesses: Entrepreneurial decisions and subjective risk intelligence," International Entrepreneurship and Management Journal, Springer, vol. 18(2), pages 529-553, June.
    5. Leković Milјan, 2020. "Cognitive Biases as an Integral Part of Behavioral Finance," Economic Themes, Sciendo, vol. 58(1), pages 75-96, March.
    6. Matteo Cristofaro, 2016. "Cognitive styles in dynamic decision making: a laboratory experiment," International Journal of Management and Decision Making, Inderscience Enterprises Ltd, vol. 15(1), pages 53-82.
    7. Besnik A. Krasniqi & Gentrit Berisha & Justina Shiroka Pula, 2019. "Does decision-making style predict managers’ entrepreneurial intentions?," Journal of Global Entrepreneurship Research, Springer;UNESCO Chair in Entrepreneurship, vol. 9(1), pages 1-15, December.
    8. Caputo, Andrea, 2016. "Overcoming judgmental biases in negotiations: A scenario-based survey analysis on third party direct intervention," Journal of Business Research, Elsevier, vol. 69(10), pages 4304-4312.
    9. Víctor Alberto Pena & Alina Gómez-Mejía, 2019. "Effect of the anchoring and adjustment heuristic and optimism bias in stock market forecasts," Revista Finanzas y Politica Economica, Universidad Católica de Colombia, vol. 11(2), pages 389-409, November.

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