• Asia Marketing Journal
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• v.18 no.4
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• pp.27-49
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• 2017

The two competing underlying mechanisms of anchoring, anchoring-and-adjustment and selective accessibility, have very different managerial implications for the effect of price as an anchor on willingness-to-pay (WTP). To clarify their relative roles in inducing the anchoring effect, path analysis modeling in which two paths are included in a single model was utilized. The first path proceeds directly from anchor price to WTP, representing anchor-and-adjustment. The second path, representing selective accessibility, includes a mediator formed by various explanatory variables of WTP. The results consistently show that only the direct path, anchoring-and-adjustment, is significant. The results also show that the level of available product information has no significant moderation effect on both of the paths, which implies the robustness of the result with respect to information level.

• Journal of Information Technology Applications and Management
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• v.14 no.1
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• pp.21-36
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• 2007

We face with numerous situation of decision making. In this situation, we would make decision through individual's own information, or others' decision making with ignoring private information, Also we would make decision through compromise of private information and others' information. like this, we call situation to imitate information of previous decision maker, with disregarding private own information,'information cascades' Also, anchoring effects are results of insufficient adjustment from an arbitrary value. In this paper, we examined how information cascades effects and anchoring effects would be generated in the people who use IT technique as instant poll of website. And this paper presents alternatives to decrease information cascades effects and anchoring effects. This exercise provides facts anchoring effects occur when voters can see poll result. And this paper shows that more degree of output difference is deepened, and more anchoring effects occur. Also this paper shows that when website gives positive payoff, more anchoring effects occur.

• Journal of Digital Convergence
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• v.10 no.11
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• pp.323-329
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• 2012

This study examines the anchoring effect and the adjustment process of two variables(verbal information, cognition load) with snack products. In the results of this study, 1) we found the anchoring effect because the respondents predicted more the number of real units(goraebap) on the packaging painted 25 units than 5 ones. 2) We confirmed the moderating effect of verbal information. The difference of the number of real units predicted between the two packaging was decreased when the visual information was in company with verbal information. And 3) the moderating effect of cognitive load appeared because the more cognitive load was, the less the difference of the number of real units predicted was. This study has shown that we can reduce the errors and biases by adjusting the information frame or the cognitive load. This research provides a theoretical-practical implications to the marketing staffs like packaging designers as well as scholars to study consumer psychology.

• Science of Emotion and Sensibility
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• v.25 no.4
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• pp.77-94
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• 2022

Social interactions often involve encountering inconsistent information about social others. We conducted a functional magnetic resonance imaging (fMRI) study to comprehensively investigate voxel-wise temporal dynamics showing how impressions are anchored and/or adjusted in response to inconsistent social information. The participants performed a social impression task inside an fMRI scanner in which they were shown a male face, together with a series of four adjectives that described the depicted person's personality traits, successively presented beneath the image of the face. Participants were asked to rate their impressions of the person at the end of each trial on a scale of 1 to 8 (where 1 is most negative and 8 is most positive). We established two hypothetical models that represented two temporal patterns of voxel activity: Model 1 featured decreasing patterns of activity towards the end of each trial, anchoring impressions to initially presented information, and Model 2 showed increasing patterns of activity toward the end of each trial, where impressions were being adjusted using new and inconsistent information. Our data-driven model fitting analyses showed that the temporal activity patterns of voxels within the ventral anterior cingulate cortex, medial orbitofrontal cortex, posterior cingulate cortex, amygdala, and fusiform gyrus fit Model 1 (i.e., they were more involved in anchoring first impressions) better than they did Model 2 (i.e., showing impression adjustment). Conversely, voxel-wise neural activity within dorsal ACC and lateral OFC fit Model 2 better than it did Model 1, as it was more likely to be involved in processing new, inconsistent information and adjusting impressions in response. Our novel approach to model fitting analysis replicated previous impression-related neuroscientific findings, furthering the understanding of neural and temporal dynamics of impression processing, particularly with reference to functionally segmenting each region of interest based on relative involvement in impression anchoring as opposed to adjustment.

• Journal of Digital Convergence
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• v.14 no.6
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• pp.237-244
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• 2016

The purpose of this study examines the influence of anchoring and adjustment according to regularity of snack's shape. Especially this study choose 'choco chip' as a snack with regularity to compare with 2012's study. The results of this study are as follows. 1) The anchoring and adjustment also appears in 'choco chip' with regularity. But statistical meaning is different from the result of prior study. 2) The difference of anchoring effect reduced according to additional verbal information in 'choco chip' with regularity. but has no statistical meaning of interaction effect. However the causes of two results are different. 3) The interaction effect of cognitive load(without vs. moderate vs. high) is meaningful statistically. difference of anchoring effect reduced according to additional verbal information in 'choco chip' with regularity in 'choco chip' with regularity. This study provides strategic implication that it overcomes the limitation of the prior resuarch and may reinforce the biased judgement by cognitive overload.

• Journal of Distribution Science
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• v.21 no.6
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• pp.99-106
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• 2023

Purpose: This study aims to analyze the distribution of the role of adversity quotient in the estimation bias of future earnings. Adversity quotient is a cognitive ability that can be distributed as a reducer of bias effects that occur in profit forecasting or investment decision making. Research design, data and methodology: The study designs a full factorial within-subject 2×3 as a laboratory experiment. The study subjects are 30 accounting students who are proxied as investors. Results: The results show that the estimated earnings made by investors experience anchoring-adjustment heuristic bias which means the initial value becomes a basic belief that influences the decisions taken by investors. However, this study also provides evidence that heuristic bias can be reduced by the presence of adversity quotient. Investors who have high adversity ability are abler to reduce the estimation bias when compared to investors who have medium and low adversity ability so the higher the difficulty ability possessed by investors, the less likely the occurrence of bias in decision making. Conclusion: Thus, the adversity quotient is proven to be distributed as a reducing opportunity from the bias that will occur in estimating future earnings or making investment decisions.

• Journal of the Korean Society for Railway
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• v.5 no.4
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• pp.209-214
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• 2002

Belief revision involves integrating new information with the current belief. It is a ubiquitous human activity. A critical feature of belief revision lies in its sequential nature. Railroad system can be described as organic. Engine drivers take a great role in this system. Recently, Hogarth and Einhorn(1992) have posited a belief-adjustment model for updating beliefs. Based on a sequential anchoring and adjustment strategy, the model is important for decision makers. The sequential nature of information processing is affected by some task variables. The purpose of this study is to examin factors which influnce on the Enginr Driver's belief revision process. The factors are the order, experience and task. The difference of belief revision is due to the order and experience level.

• Proceedings of the KSR Conference
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• 1999.11a
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• pp.73-80
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• 1999

Belief revision involves integrating new information with the current belief. It is a ubiquitous human activity. A critical feature of belief revision lies in its sequential nature. Railroad system can be described as organic. Engine drivers take a great role in this system. Recently, Hogarth and Einhorn(1992) have Posited a belief-adjustment model for updating beliefs. Based on a sequential anchoring and adjustment strategy, the model is important fro decision makers. The sequential nature of information processing is affected by some task variables. This will be mainly explained in this paper. The purpose of this study is to examine the engine drivers' belief revision process and factors which influence on the belief revision process. The factors are the order and the experience. Thereby, this will contribute to the study of engine drivers' behavior. The result of this study is summarized as follows. The order effect due to the order of presentation of the evidence exist. The difference of belief revision is due to The experience level.

• Korean Business Review
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• v.11
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• pp.1-14
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• 1998

In this paper the negotiation skills, which have been so far known as non-scientific or artistic field, are analyzed on the basis of behavioral science view point. Negotiator's behavior and psychological situation are believed to influence the negotiation result significantly, therefore, those factors are reviewed with behavioral science framework. Some concepts developed in Cognitive Psychology to explain the decision making models - prominence, commitment, escalation of commitment, framing, adjustment and anchoring, endowment effect - are reconceptualized and applied to the negotiation skill analysis and negotiation skill development in this paper. As the results of this research, various negotiation skills which have been so far believed as irrational and artistic are now able to be explained on the basis of sound logic and reasoning. This means also that valuable and elegant negotiation skills should be further developed by behavioral scientists.

• Science of Emotion and Sensibility
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• v.12 no.1
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• pp.45-54
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• 2009

Categorization in a vital means for dealing with the multitudes of entities in the world surrounding people. Among others, the perceptual and the evaluative similarities factors strongly affect categorization. The conventional SD-type procedure are insufficient in this regard, since it requires an individual subject to make isolated judgments about each stimulus to identify categorization in terms of a group tendency. It disregards the individual categorization in which the similarities are of great importance. Thus in this study the phased emotional evaluation method is suggested based on the intuitive categorization of stimuli and on the similarity judgement of representative/ non-representative case in each category. To verify the effectiveness of the suggested evaluation method the scanned jewelry images are selected as test stimuli for emotional evaluation experiment. As a result of the evaluation experiment, the conventional SD-type procedure is complemented by the emotional evaluation method in phases of the task of intuitive categorization, the selection of the representative images and the setup of the evaluation score of the representative images to internally supplied anchors of evaluating non-representative images.