When asked to quickly estimate the product of 8*7*6*5*4*3*2*1, people give a much larger answer than when asked to quickly estimate the product of 1*2*3*4*5*6*7*8. This BEST illustrates the dynamics involved in using _____.

Question

Quizplus · Accepted Answer

The difference in estimates between reversing the order of multiplication indicates the use of the anchoring and adjustment heuristic. When people are asked to estimate a value quickly, they tend to rely on a starting point, or anchor, which in this case is the first number presented. Then they adjust their answer based on that anchor. So when presented with 8*7*6*5*4*3*2*1, the first number presented is larger, so people anchor on a larger number and overestimate the answer, whereas when presented with 1*2*3*4*5*6*7*8, the first number presented is smaller, so people anchor on a smaller number and underestimate the answer.

When Asked to Quickly Estimate the Product of 8*7*6*5*4*3*2*1, People

When Asked to Quickly Estimate the Product of 8765432*1, People