Training in the mitigation of anchoring bias: A test of the consider-the-opposite strategy

Abstract

Anchoring bias is a decision heuristic evidenced by skewed estimates made after an initial value is considered. The anchoring heuristic is both pervasive and powerful, affecting decision-making processes in many practical contexts. An experiment was conducted to test the effectiveness of both preexisting and new training techniques for mitigating anchoring bias, as well as to test a new type of anchoring bias inducing stimuli. Results show that the training module was effective in helping participants mitigate anchoring bias, and that the new stimuli were effective in eliciting anchoring bias in both high and low anchoring conditions. Additionally, the results provide theoretical evidence anchoring is due, at least in part, to semantic priming. Theoretical implications for the semantic priming and the revised adjustment explanation are discussed. Practical considerations for developing effective online and/or game-based training programs to mitigate the effects of overreliance on the anchoring heuristic are also discussed.