Psychological Mechanism of Anchoring Effect from the Perspective of Attitude Change Theory and Metacognition

Xilin Zhang ()
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Xilin Zhang: The University of Hongkong, Business & Economics Faculty

A chapter in Proceedings of the 2022 2nd International Conference on Economic Development and Business Culture (ICEDBC 2022), 2022, pp 856-861 from Springer

Abstract: ABSTRACT The integration of two explanatory mechanisms of insufficient adjustment and selective accessibility has become a research hotspot in recent years as a result of in-depth research on the psychological mechanism of the anchoring effect. Attitude change theory and metacognition model provide a new perspective for the study of the psychological mechanism of the anchoring effect. Researchers presented the division of high elaborative anchoring and low elaborative anchoring effect based on the Elaboration likelihood model (ELM) and explained the psychological processing process and linkage between them. The study of the extreme anchor, self-generated anchor, and external-provided anchor also deepens the explanatory connotation. This paper reviews the development of the anchoring compound mechanism and dual anchoring effect based on the perspective of ELM model and attitude change theory and proposed that future research should further explore anchoring processing and examine its effect in the light of the real social situations.

Keywords: Anchoring effect; Attitude change theory; Metacognition (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-036-7_126

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DOI: 10.2991/978-94-6463-036-7_126

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