One Swallow Doesn't Make a Summer: New Evidence on Anchoring Effects
Fabio Tufano () and
John List ()
No 2013-07, Discussion Papers from The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham
Some researchers have argued that anchoring in economic valuations casts doubt on the assumption of consistent and stable preferences. We present new evidence that questions the robustness 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 a given original finding is true.
Keywords: Anchoring; Methodology; Replication; Willingness to Accept; Experiment (search for similar items in EconPapers)
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Journal Article: One Swallow Doesn't Make a Summer: New Evidence on Anchoring Effects (2014)
Working Paper: One Swallow Does not Make a Summer: New Evidence on Anchoring Effects (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:not:notcdx:2013-07
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