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?

Question

Quizplus · Accepted Answer

The anchoring heuristic suggests that people rely heavily on the first piece of information (the anchor) when making decisions. In this case, the initial question sets an anchor ($10 for Group A and $150 for Group B) that influences their subsequent valuation of the art. Therefore, Group B, with the higher anchor, is likely to estimate the art's value as being higher than Group A.

Two Groups of Participants Are Asked to Estimate How Much