Two groups of participants are asked to estimate how much a piece of art is worth. Before giving their actual estimates, Group A is first asked if they think the art is worth more or less than $10, while Group B is asked if they think the art is worth more or less than $150. According to the anchoring heuristic, what would be the MOST likely result on average?
Two groups of participants are asked to estimate how much a piece of art is worth. Before giving their actual estimates, Group A is first asked if they think the art is worth more or less than $10, while Group B is asked if they think the art is worth more or less than $150. According to the anchoring heuristic, what would be the MOST likely result on average?
Ciccarelli: Psychology_5 (5th Edition)
5th Edition
ISBN:9780134477961
Author:Saundra K. Ciccarelli, J. Noland White
Publisher:Saundra K. Ciccarelli, J. Noland White
Chapter1: The Science Of Psychology
Section: Chapter Questions
Problem 1TY
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| Two groups of participants are asked to estimate how much a piece of art is worth. Before giving their actual estimates, Group A is first asked if they think the art is worth more or less than $10, while Group B is asked if they think the art is worth more or less than $150. According to the anchoring heuristic, what would be the MOST likely result on average? |
| Group A estimates the art is worth more than what Group B estimates. | |
| Anchoring has no impact on the estimates provided by either group. | |
| There is no significant difference between the estimates given by Group A and Group B. | |
| Group B estimates the art is worth more than what Group A estimates. |
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