Anchoring Bias in Recall Data: Evidence from Central America
Manuel Hernandez and
No 2016-11, Department of Economics Working Papers from Department of Economics, Williams College
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 household'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: anchoring bias; recall data; self-reporting; smallholder farmers; Central America (search for similar items in EconPapers)
JEL-codes: C8 O12 Q12 (search for similar items in EconPapers)
Pages: 36 pages
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1) Track citations by RSS feed
Downloads: (external link)
https://web.williams.edu/Economics/wp/GodlontonHer ... BiasInRecallData.pdf Full text (application/pdf)
Journal Article: Anchoring Bias in Recall Data: Evidence from Central America (2018)
Working Paper: Anchoring bias in recall data: Evidence from Central America (2016)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:wil:wileco:2016-11
Ordering information: This working paper can be ordered from
The price is Free.
Access Statistics for this paper
More papers in Department of Economics Working Papers from Department of Economics, Williams College Williamstown, MA 01267. Contact information at EDIRC.
Bibliographic data for series maintained by Stephen Sheppard ().