Anchoring bias in recall data: Evidence from Central America
Manuel Hernandez and
No 1534, IFPRI discussion papers from International Food Policy Research Institute (IFPRI)
Understanding the magnitude and source of measurement biases in self-reported data is critical to effective economic policy research. This paper examines the role of anchoring bias in self-reports of objective and subjective outcomes under recall. The research exploits a unique panel survey data set collected over a three-year period from four countries in Central America. It assesses whether respondents use their reported value of specific measures from the most recent survey period as a cognitive heuristic when recalling the value from a previous period, while controlling for the value they reported earlier. We find strong evidence of sizable anchoring bias in self-reported retrospective indicators for both objective measures (household and per capita income, wages, and hours spent on the householdâ€™s main activity) and subjective measures (reports of happiness, health, stress, and well-being). In general, we also observe a larger bias in response to negative changes for objective indicators and a larger bias in response to positive changes for subjective indicators.
Keywords: smallholders; microeconomics; measurement; methodologies (search for similar items in EconPapers)
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Journal Article: Anchoring Bias in Recall Data: Evidence from Central America (2018)
Working Paper: Anchoring Bias in Recall Data: Evidence from Central America (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:fpr:ifprid:1534
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