Relevant information, personality traits and anchoring effect

Caputo, Andrea (2014) Relevant information, personality traits and anchoring effect. International Journal of Management and Decision Making, 13 (1). pp. 62-76. ISSN 1462-4621

Relevant information, personality traits and anchoring effect
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Although personality has been one of the most-studied factors in management and decision-making research, this stream of research has generated inconsistent support for the relationship between personality traits and individuals' susceptibility to heuristics, and therefore biased judgment. The aim of this study is to investigate how the provision of correct information and individual difference factors influence susceptibility to anchoring effect. To test this hypothesis, individual levels of the personality traits have been measured. Then, participants were provided with an anchoring task involving the Taj Mahal either providing them correct information before the experiment or not. Providing individuals with the correct information limited susceptibility to the irrelevant anchor; even if only 33% of those exactly recalled it when providing the estimate. High values in agreeableness and openness to experience were found to be related with reduced susceptibility to the anchor.

Keywords:anchoring effect, personality traits, Judgment, Decision making, Bias, Heuristics, biased judgments, JCNotOpen
Subjects:N Business and Administrative studies > N200 Management studies
Divisions:Lincoln International Business School
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ID Code:18553
Deposited On:09 Sep 2015 14:34

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