Articlegreen2013

Relevant information, personality traits and anchoring effect

45 citations0/0 files storedInternational Journal of Management and Decision Making

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Decision-Making and Behavioral Economics Personality Traits and Psychology Leadership, Behavior, and Decision-Making Studies

Abstract

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.

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References

1979Prospect Theory: An Analysis of Decision under Risk 1988Prospect theory: An analysis of decision under risk 1974Judgment under Uncertainty: Heuristics and Biases 1975Judgment under Uncertainty: Heuristics and Biases 1981The Framing of Decisions and the Psychology of Choice 2008Nudge: improving decisions about health, wealth, and happiness 1991THE BIG FIVE PERSONALITY DIMENSIONS AND JOB PERFORMANCE: A META‐ANALYSIS 2003A very brief measure of the Big-Five personality domains

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