ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The participants showed demand characteristics.
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It is not possible to exclude other factors that may have influenced the participants’ decisions.
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Sampling bias
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It lacked ecological validity.
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Detailed explanation-1: -Which of the following is not a valid criticism of Englisch and Mussweiler’s study on the role of anchoring bias in courtroom sentencing? It lacked ecological validity.
Detailed explanation-2: -Gandhi and the Anchoring Effect (Strack and Mussweiler, 1997) This study shows that numbers that are impossibly linked to the target question can still have an effect. Their aim was to see how the anchoring effect could influence guesses of Mahatma Gandhi age when he died.
Detailed explanation-3: -What is Anchoring Bias? Anchoring bias occurs when people rely too much on pre-existing information or the first information they find when making decisions. For example, if you first see a T-shirt that costs $1, 200 – then see a second one that costs $100 – you’re prone to see the second shirt as cheap.
Detailed explanation-4: -The anchoring and adjustment heuristic describes cases in which a person uses a specific target number or value as a starting point, known as an anchor, and subsequently adjusts that information until an acceptable value is reached over time.