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

Maniadis, Zacharias and 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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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
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Schools/Departments: University of Nottingham UK Campus > Faculty of Social Sciences > School of Economics
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Depositing User: Thakrar, Anandi
Date Deposited: 25 Jan 2016 13:45
Last Modified: 13 Sep 2016 15:45

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