%0 Journal Article
%T Extremeness Aversion Is a Cause of Anchoring
%A Celia Gaertig
%A Joseph P. Simmons
%A Joshua Lewis
%J Psychological Science
%@ 1467-9280
%D 2019
%R 10.1177/0956797618799305
%X When estimating unknown quantities, people insufficiently adjust from values they have previously considered, a phenomenon known as anchoring. We suggest that anchoring is at least partially caused by a desire to avoid making extreme adjustments. In seven studies (N = 5,279), we found that transparently irrelevant cues of extremeness influenced people¡¯s adjustments from anchors. In Studies 1¨C6, participants were less likely to adjust beyond a particular amount when that amount was closer to the maximum allowable adjustment. For example, in Study 5, participants were less likely to adjust by at least 6 units when they were allowed to adjust by a maximum of 6 units than by a maximum of 15 units. In Study 7, participants adjusted less after considering whether an outcome would be within a smaller distance of the anchor. These results suggest that anchoring effects may reflect a desire to avoid adjustments that feel too extreme
%K judgment
%K heuristics
%K prediction
%K anchoring
%K open data
%K open materials
%K preregistered
%U https://journals.sagepub.com/doi/full/10.1177/0956797618799305