Numeric Competencies and Anchoring Biases

Abstract

Two experiments were conducted to examine the role of three facets of numeracy (objective (ONS), subjective (SNS), and symbolic number mapping (SMap)) in three anchoring tasks (experimenter-given, self-generate, and valuation). We found that the three numeric competencies were associated with different anchoring tasks. SMap was associated with none of the three anchor tasks, while ONS consistently predicted stronger susceptibility to self-generated anchoring. The role of ONS and SNS in experimenter-given and valuation tasks were inconsistent. In Experiment 1, where the direction of adjustment from an anchor is specified, ONS and SNS were positively associated with anchor susceptibility in a valuation task, while they were not in an experimenter-given anchor task. On the other hand, in Experiment 2 where the direction of adjustment from an anchor is uncertain, ONS and SNS were positively associated with anchor susceptibility in an experimenter-given anchor task, while they were not in a valuation task.


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