Abstract
The present paper experimentally investigates the effect of anchoring on fake news. In particular, we test how different levels of authority and awareness influence this effect. Subjects were presented with false information as an unreasonably high anchor and had to fulfill a related estimation task afterwards. Results show that all subjects, including those who were told that the information was false, were influenced by the anchor. Furthermore, a higher level of awareness of fake news led subjects to adjust more strongly downwards from the anchor. The effect of anchoring was also reduced when subjects without prior awareness were presented with arguments that were inconsistent with the anchor information.
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