Numeric judgments under uncertainty: The role of knowledge in anchoring

Three studies demonstrate that anchoring effects-the assimilation of a nume ric estimate to a previously considered standard-depend on judges' knowledg e about the target object. Manipulating judges' knowledge by varying the co ntext in which a fictitious target is presented, Study 1 demonstrates that anchor plausibility determines how a given anchor is processed and depends on what knowledge base is used to judge the anchor. Studies 2 and 3 show th at the less judges know about the target object, the more they assimilate t heir estimate to the anchor. These differences in the magnitude of the anch oring effect appear to be mediated by differences in the perceived plausibi lity of the anchors. Furthermore, Study 3 demonstrates that these effects e ven hold when the selection of the anchor values is under participants' con trol. (C) 2000 Academic Press.