The too-much-precision effect: When and why precise anchors backfire with experts

Publikation: Beiträge in ZeitschriftenZeitschriftenaufsätzeForschungbegutachtet

Authors

Past research has suggested a fundamental principle of price precision: The more precise an opening price, the more it anchors counteroffers. The present research challenges this principle by demonstrating a too-much-precision effect. Five experiments (involving 1,320 experts and amateurs in real-estate, jewelry, car, and human-resources negotiations) showed that increasing the precision of an opening offer had positive linear effects for amateurs but inverted-U-shaped effects for experts. Anchor precision backfired because experts saw too much precision as reflecting a lack of competence. This negative effect held unless first movers gave rationales that boosted experts’ perception of their competence. Statistical mediation and experimental moderation established the critical role of competence attributions. This research disentangles competing theoretical accounts (attribution of competence vs. scale granularity) and qualifies two putative truisms: that anchors affect experts and amateurs equally, and that more precise prices are linearly more potent anchors. The results refine current theoretical understanding of anchoring and have significant implications for everyday life.
OriginalspracheEnglisch
ZeitschriftPsychological Science
Jahrgang27
Ausgabenummer12
Seiten (von - bis)1573-1587
Anzahl der Seiten15
ISSN0956-7976
DOIs
PublikationsstatusErschienen - 12.2016

DOI

Zuletzt angesehen

Aktivitäten

  1. The Seventh International Conference on Task-Based Language Teaching 2017
  2. Frame Conditions for Transdisciplinary Research. Transdisciplinary and historical rural and urban spatial transformation and development (TRUST)
  3. Alcohol myopia and gambling behavior
  4. Virtual Songwriting. Fostering Creative Processes through „Challenge“ and „Collaboration“.
  5. Organizing ‘Safe Spaces’ for Creative Collaboration
  6. International Federation for Information Processing (ifip) (Externe Organisation)
  7. Affective Human-Robot Interaction – The Influence of Humans’ Emotion Recognition Ability
  8. Leuphana Universität Lüneburg (Organisation)
  9. Micro-Degrees zu Künstlicher Intelligenz
  10. Bsc-Thesis: Vertical stratification of ant community composition along a forest succession gradient in subtropical China.
  11. Computersimulation und Super-GAU
  12. VDE Tec Summit 2018
  13. SAGE Open (Fachzeitschrift)
  14. Liquidity, Flows, Circulation: The Cultural Logic of. Environmentalization - 2020
  15. 18th International Conference on Panel Data 2012
  16. Working Towards Decent Work on Online Platforms: Building and Maintaining an Institutional Infrastructure Based on the German Social Partnership Tradition
  17. Karlstad Universität
  18. How to make use of evidence based management in entrepreneurship: The example of Personal Initiative Training
  19. What impact does a field experience have on pre-service teachers’ adaptive peer feedback expertise?
  20. AdaptationCONNECTS Project Kick-off Meeting: Lysebu Workshop
  21. Transforming Audiences 2 - 2009
  22. Curator (Zeitschrift)
  23. Language and Communication (Fachzeitschrift)
  24. Academy of Management Journal (Fachzeitschrift)
  25. Kontrolle durch Transparenz – Transparenz durch Kontrolle - 2007
  26. A lecture
  27. Cutting Across Lines: Lil Picard and the Reorienting Effects of Collage