Suppose you wish to investigate the effects of anchoring and expertise on people's evaluation of house prices. Anchoring-also known as the adjustment heuristic- occurs when people's evaluation is biased by previous information given (i.e., the anchor). You collect a random sample of 9 experts in house evaluation and 9 non- experts. Each of these 18 participants (Y1 - Y18) either receives no anchor (control), a high anchor (high) or a low anchor (low), and then evaluates the price of a given house. The data (in million CAD) for this example are shown in the table below. Anchor Expertise No High Low Experts Y1 = 1.25 Y7 = 1.55 Y13 = 2.66 Y2 = 1.45 Y8 = 1.60 Y14 = 2.43 %3D Y3 = 1.50 Y9 = 2.25 Y15 = 2.10 Non-experts Y4 = 0.99 Y10 = 1.71 Y16 = 2.15 Y5 = 1.24 Y11 = 2.16 Y17 = 2.89 Y6 = 2.31 Y12 = 3.12 Y18 = 1.55
Suppose you wish to investigate the effects of anchoring and expertise on people's evaluation of house prices. Anchoring-also known as the adjustment heuristic- occurs when people's evaluation is biased by previous information given (i.e., the anchor). You collect a random sample of 9 experts in house evaluation and 9 non- experts. Each of these 18 participants (Y1 - Y18) either receives no anchor (control), a high anchor (high) or a low anchor (low), and then evaluates the price of a given house. The data (in million CAD) for this example are shown in the table below. Anchor Expertise No High Low Experts Y1 = 1.25 Y7 = 1.55 Y13 = 2.66 Y2 = 1.45 Y8 = 1.60 Y14 = 2.43 %3D Y3 = 1.50 Y9 = 2.25 Y15 = 2.10 Non-experts Y4 = 0.99 Y10 = 1.71 Y16 = 2.15 Y5 = 1.24 Y11 = 2.16 Y17 = 2.89 Y6 = 2.31 Y12 = 3.12 Y18 = 1.55
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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
Transcribed Image Text:Suppose you wish to investigate the effects of anchoring and expertise on people's
evaluation of house prices. Anchoring-also known as the adjustment heuristic-
occurs when people's evaluation is biased by previous information given (i.e., the
anchor). You collect a random sample of 9 experts in house evaluation and 9 non-
experts. Each of these 18 participants (Y1 - Y18) either receives no anchor (control),
a high anchor (high) or a low anchor (low), and then evaluates the price of a given
house. The data (in million CAD) for this example are shown in the table below.
Anchor
Expertise
No
High
Low
Experts
Y1 = 1.25
Y7 = 1.55
Y13 = 2.66
Y2 = 1.45
Y8 = 1.60
Y14 = 2.43
%D
%3D
Y3 = 1.50
Y9 = 2.25
Y15 = 2.10
%D
Non-experts
Y4 = 0.99
Y10 = 1.71
Y16 = 2.15
Y5 = 1.24
Y11 = 2.16
Y17 = 2.89
%3D
Y6 = 2.31
Y12 = 3.12
Y18 = 1.55
%D
%D

Transcribed Image Text:Compute a two-way ANOVA. Based on the results of this two-way ANOVA, which of
the following statements is true (a = .05)? Select all that apply.
There is a significant interaction between Expertise and Anchor.
None of the above effects can be evaluated using a two-way ANOVA because
the homogeneity of variance assumption has been violated.
There is a significant main effect of Anchor.
There is a significant main effect of Expertise.
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