![]() It is important to notice that the anchoring effect is caused by uncertainty. This is precisely what Kahneman and Tversky defined as the anchoring effect. Spinning the wheel of fortune and estimating the percentage of African member states in the UN are two separate tasks, but the first task seems to affect the following one. The experiment showed that the students who had been presented to the high anchor (65) on average estimated the percentage to be higher than those who had been presented to the low anchor (10).įigure 1: The result of the “Wheel of fortune experiment” (1974) Finally, they were asked to estimate what they thought was the actual percentage of African countries in the UN. Afterwards the students were asked to answer whether they thought that the percentage of African member states in the United Nations was higher or lower than the number that they just had written down. The experimenters had rigged the wheel to always land on either 65 or 10. In the study, they asked a group of students to spin a wheel of fortune (with numbers ranging from 0 to 100) and to write down the number it landed on. The psychologists Daniel Kahneman and Amos Tversky identified the anchoring effect in a well-known study from 1974. Kahneman and Tversky’s wheel of fortune experiment in 1974 ![]() Anchors usually consist of a numerical value and can lead to less optimal decisions or judgements. Once an anchor has been introduced, subsequent tasks can be influenced by this anchor. But do young people even know what a unit is? And are they influenced by the anchoring effect when it comes to alcohol? We decided to test this on 173 economics students at the University of Copenhagen.Īnchoring is a concept within behavioural science, describing the tendency to anchor a given piece of information, right before making a decision. The Danish Health Authority recommends that women drink less than 7 units a week and men drink less than 14 units a week. Young people’s excessive consumption of alcohol is an issue frequently debated in many societies. ![]()
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