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Numeric Competencies and Anchoring Biases

Abstract

Two experiments were conducted to examine the role of threefacets of numeracy (objective (ONS), subjective (SNS), andsymbolic number mapping (SMap)) in three anchoring tasks(experimenter-given, self-generate, and valuation). We foundthat the three numeric competencies were associated withdifferent anchoring tasks. SMap was associated with none ofthe three anchor tasks, while ONS consistently predictedstronger susceptibility to self-generated anchoring. The roleof ONS and SNS in experimenter-given and valuation taskswere inconsistent. In Experiment 1, where the direction ofadjustment from an anchor is specified, ONS and SNS werepositively associated with anchor susceptibility in a valuationtask, while they were not in an experimenter-given anchortask. On the other hand, in Experiment 2 where the directionof adjustment from an anchor is uncertain, ONS and SNSwere positively associated with anchor susceptibility in anexperimenter-given anchor task, while they were not in avaluation task.

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