The first stage of the process where an individual picks an initial estimate.
What is an anchor?
100
This special clue on the game show Jeopardy is the main focus of the paper.
What is a daily double?
100
The second stage of the process where an individual alters the initial estimate up or down.
What is adjust?
200
This can lead to bias. Similar to “rule of thumb.”
What is Heuristics?
200
This gender didn’t take as many risks with their wagers on the game show.
What is female?
200
In the paper, some of these include, the maximum possible wager of the player, the score distance to the best opponent, the 20 most common clue categories of the show, and a binary gender indicator.
What are control variables?
300
This kind of program is when judgements are not made by computing probabilities but by following rules of thumb.
What is Heuristic-and-biases program?
300
In the paper, this explanation is eliminated to further validate anchoring.
What are strategic considerations?
300
This proposition says that a stated preference should not differ depending on the method used to elicit it.
What is Procedure invariance?
400
Anchoring and this type of adjustment can generate highly inaccurate answers.
What is Insufficient?
400
In the Jeopardy paper, this was described as a more rational way of wagering.
what is wager more for “lower value” clues and less for “higher value” clues?
400
This amount represents the increase in the wager that corresponds to raising the anchoring amount by $100
What is $29?
500
Anchoring and adjustment affect both beliefs and this.
What are preferences?
500
This refers to whether anchoring has become less prevalent since the show’s inception and whether more recent contestants show different patterns
What is Institutional learning?
500
This is an example of a way to apply the paper’s findings.
What is Investments / gambling / negotiating / marketing?