Is 7300 m Equal to 7.3 km? Same Semantics but Different Anchoring Effects.

Area of Science:

• Cognitive Psychology
• Decision Science

Background:

• The anchoring effect (AE) is a cognitive bias where an initial number influences subsequent numerical estimates.
• Understanding the short-term memory representation of anchors is crucial for explaining AE.

Purpose of the Study:

• To investigate how anchors are represented in short-term memory.
• To determine whether the absolute value or semantic meaning of an anchor primarily drives the anchoring effect.

Main Methods:

• Three experiments were conducted using different numerical anchors and judgment tasks.
• Anchors varied in absolute value, semantic meaning, and sign (positive/negative).
• Participants' numerical estimates were recorded and analyzed.

Main Results:

• Anchors with larger absolute values produced greater numerical estimates, irrespective of semantic equivalence (e.g., 7300 m vs. 7.3 km).
• An anchor's role as high or low depended on the target value being judged.
• Negative signs did not alter the effect, confirming the primacy of absolute value over semantics.

Conclusions:

• The anchoring effect is primarily driven by the absolute value of the anchor, not its semantic content.
• Anchors are likely represented in short-term memory as an absolute value combined with an affix.
• Findings have implications for understanding judgment biases and decision-making processes.