Elaboration and numerical anchoring: Implications of attitude theories for consumer judgment and decision making

Abstract

Abstract Researchers across many domains have examined the impact of externally presented numerical anchors on perceiver judgments. In the traditional paradigm, “anchored” judgments are typically explained as a result of elaborate thinking (i.e., confirmatory hypothesis testing that selectively activates anchor‐consistent information in memory). Consistent with a long tradition in attitude change, we suggest that the same judgments can result from relatively thoughtful or non‐thoughtful processes, with more thoughtful processes resulting in judgments that have more lasting impact. We review recent anchoring research consistent with this elaboration‐based perspective and discuss implications for past anchoring results and theory in judgment and decision making.