One swallow doesn't make a summer: new evidence on anchoring effects

Maniadis, Zacharias, Tufano, Fabio and List, John A. (2014) One swallow doesn't make a summer: new evidence on anchoring effects. American Economic Review, 104 (1). pp. 277-290. ISSN 0002-8282

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Abstract

Some researchers have argued that anchoring in economic valuations casts doubt on the assumption of consistent and stable preferences. We present new evidence that explores the strength 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 the original finding is true.

Item Type: Article
RIS ID: https://nottingham-repository.worktribe.com/output/997508
Additional Information: Copyright c2015 by the American Economic Association. Permission to make digital or hard copies of part or all of American Economic Association publications for personal or classroom use is granted without fee provided that copies are not distributed for profit or direct commercial advantage.
Schools/Departments: University of Nottingham, UK > Faculty of Social Sciences > School of Economics
Identification Number: https://doi.org/10.1257/aer.104.1.277
Depositing User: Thakrar, Anandi
Date Deposited: 25 Jan 2016 13:45
Last Modified: 04 May 2020 20:15
URI: https://eprints.nottingham.ac.uk/id/eprint/31360

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