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The anchoring effect states that people’s decision-making and judgments are disproportionately influenced and biased toward an initially presented value (anchor). This study investigated (1) how the anchoring effect influences decision-making with advancing age, (2) whether knowledge about the target affect the anchoring effect, and (3) whether the anchoring effect occurred when people of different age groups are forewarned and motivated to avoid the effect. Younger adults (N = 40, Mean age, 20.85 years) and elderly adults (N = 40, Mean age 70.85 years) participated in this study. All the participants were presented a question as the anchor (e.g.,Whether is the weight of a boar more or less than 500kg?). Then, they were asked to estimate the value (e.g., weight) and to report their knowledge about the target (e.g., boar), as well as the degree of confidence about their estimate. Participants estimated eight values. After estimating four values, the experimenter explained the anchoring effect to the participants and warned them to pay attention to possible bias, and the remaining four estimations were conducted. The results indicated that the anchoring effect is influenced by age. The effect was observed particularly strongly in elderly adults with less knowledge about the target. On the other hand, elderly adults with more knowledge about the target could not avoid the anchoring effects even when they were forewarned about the effect. These results suggest that it is difficult for elderly adults to modify the anchoring effect because they overestimate their knowledge more than younger adults.
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