One Swallow Doesn't Make a Summer: New Evidence on Anchoring Effects

Zacharias Maniadis, Fabio Tufano and John List

American Economic Review, 2014, vol. 104, issue 1, 277-90

Abstract: Some researchers have argued that anchoring in economic valuations casts doubt on the assumption of consistent and stable preferences. We present new evidence that explores the strength of certain anchoring results. We then present a theoretical framework that provides insights into why we should be cautious of initial empirical findings in general. The model importantly highlights that the rate of false positives depends not only on the observed significance level, but also on statistical power, research priors, and the number of scholars exploring the question. Importantly, a few independent replications dramatically increase the chances that the original finding is true.

JEL-codes: C91 D12 (search for similar items in EconPapers)
Date: 2014
Note: DOI: 10.1257/aer.104.1.277
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Citations: View citations in EconPapers (213)

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Related works:
Working Paper: One Swallow Does not Make a Summer: New Evidence on Anchoring Effects (2013)
Working Paper: One Swallow Doesn't Make a Summer: New Evidence on Anchoring Effects (2013)
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