Individual differences in anchoring: Numerical ability, education and experience
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(Published version)
Date
2011
Authors
Welsh, M.
Delfabbro, P.
Burns, N.
Begg, S.
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Conference paper
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Proceedings of the 33rd Annual Meeting of the Cognitive Science Society (CogSci 2011), held in Boston, USA 20-32 July 2011 / L. Carlson, C. Hoelscher and T. Shipley (eds.): pp.3193-3198
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Matthew B. Welsh, Paul Delfabbro, Nicholas R. Burns and Steve H. Begg
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Annual Meeting of the Cognitive Science Society (33rd : 2011 : Boston, USA)
Abstract
Anchoring is a well-known effect leading to bias in estimation in various decision-making contexts. A question, however, is whether individuals with greater numerical and academic ability would be less prone to this effect than others because of greater ability to discern the value being estimated. In light of growing interest in the role of individual differences in bias susceptibility, anchoring was examined in a simulated poker-like card game, using people with varying levels of academic achievement and psychometric reasoning scores. The results showed that anchoring susceptibility was unrelated to education levels, but negatively associated with numerical reasoning and cognitive reflection scores. This result, however, was mediated by task expertise because participants with higher cognitive abilities were those more likely to display improvements in anchoring performance over the course of the experiment.
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© the authors