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Correction, uncertainty, and anchoring effects.

Chang-Yuan Lee1, Carey K Morewedge2

  • 1Rotman School of Management, University of Toronto, Toronto, ON, Canada changyuan.lee@utoronto.ca.

The Behavioral and Brain Sciences
|July 18, 2023
PubMed
Summary

De Neys

Area of Science:

  • Cognitive Psychology
  • Judgment and Decision Making

Background:

  • Dual-process theories propose distinct cognitive systems (System 1 and System 2).
  • De Neys proposed System 1 and System 2 are non-exclusive and that epistemic uncertainty drives System 2 engagement.

Purpose of the Study:

  • To evaluate De Neys' dual-process theory proposals against empirical findings.
  • To investigate the role of anchoring effects and psychophysical noise in cognitive judgments.

Main Methods:

  • Review of existing literature on anchoring effects.
  • Analysis of the relationship between psychophysical noise and anchoring phenomena.

Main Results:

  • Evidence from the anchoring-and-adjustment heuristic supports the non-exclusivity of System 1 and System 2.

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  • The influence of psychophysical noise on anchoring effects contradicts the notion that epistemic uncertainty solely dictates System 2 involvement.

    • Conclusions:

    • Findings partially support De Neys' proposals regarding cognitive system interaction.
    • The role of uncertainty in engaging corrective cognitive processes requires further investigation, considering factors beyond epistemic uncertainty.