Suppose Evan and Robert are each filling out a separate survey about parking on campus. On Evan's survey, the first question asks about whether he thinks the fine for parking illegally on campus should be $50, and on Robert's survey the first question asks about whether he thinks the fine should be $100. For both Evan and Robert, the second question asks how much each thinks the fine currently is. If Evan and Robert know nothing about the parking fines on campus, but each uses anchoring and adjustment to form his assessment, then, all else equal, you would expect:
A)Evan's estimate of the current fine to be higher than Robert's.
B)both of them to guess a number between $50 and $100.
C)their estimates to be identical.
D)Robert's estimate of the current fine to be higher than Evan's.

Question

Quizplus · Accepted Answer

Anchoring and adjustment is an estimation technique that begins with an initial approximation (the anchor), which is then modified in accordance with additional available information (the adjustment). When people use anchoring and adjustment to estimate something, they typically place too much importance on the anchor, and make subsequent adjustments that are too small. In this case, the dollar value in first question is likely to serve as an anchor, so that Robert's estimate of the current fine will be higher than Evan's.

Suppose Evan and Robert Are Each Filling Out a Separate